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Posted Fri, 07 Jan 2022 06:58:55 GMT by CD22
I have a credit union account in the US that earned less than 50p in interest in the 2020-21 UK tax year. Am I required to report this account on my self-assessment return, if my income on the funds held in it is essentially nil?
Posted Mon, 10 Jan 2022 14:25:23 GMT by HMRC Admin 17
Hi.
 
Interest would be taxable in the UK but as the figure is so low you can enter this under Uk interest.

If this is the only savings amount you have then this will also be covered by your savings allowance and so no tax would be due.

It does still need to be reported however. 

Thank you.

 

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