Foreign income

Hi Iana,

It will be from November under split year rules, If you qualify for split year then you only report any foreign income for the UK part of the year.

RDRM12000 - Residence: The SRT: Split year treatment

If you do not qualify then you will need to report all your foreign income to the UK.

Tax on foreign income

The guidance at RDRM12150 at GOV.UK will help you work out if split year treatment applies.    

Thank you.

Hi KH

On the basis of the info provided, you should register for Self Assessment and report in your 2023 return the interest arising between the date you arrived in the UK and 5 April 2023.
You do not have to include any income received before you arrived in the UK.
Tax on foreign income

Thank you.

Hi Laura
1. for 22/23 you have a dividend allowance of £2000 that allows this as tax free income        
2. it still needs to be declared and is included as part of your total income.
No tax is due as you rightly state, the tax rate of 0% has been applied against this income.

Hi Sergey Korolev,

You need to declare this under foreign income. guidance is at Receiving interest, royalties or dividends payments from the EU and Tax on foreign income

Thank you.
 

Hi Admin, Hope you are well. I arrived at the UK on 23/6/2021, and started working full time since 18/10/2021. I didn’t register for the self assessment for 2021/22 but recently found that I might have missed to do so. I’ve just found out that I had saving interest of just around £2 and dividend of £50 in my home bank account for 2021/22z I immediately registered for self assessment before 5/10/2023 so that I can declare my overseas income (the very small amount of bank interest and dividend) before the 2022/23 deadline, and also filed an offshore disclosure to explain my situation for 2021/22. I still found it confusing if I have really missed to do the self assessment for 2021/22, and needed to do so for 2022/23. I am also very worried about the amount of fine being generated due to missing the self assessment for a year, as well ass consequences that may possibly affect my settlement in the near future. Could you please shed me some lights on this? Thank you so much.

I am UK citizen recently back from abroad to retire. I have registered with HMRC for tax. Have been back for over a year and need to do a self assessment. When I log on I get the page with a few rectangles. With one saying I don't need to pay tax the previous relevant year. I have fill out form online to try to inform them of the state pension i now receive from Bermuda (as well as my UK pension). However, form asks for a three number prefix for the pension and there is none, so I am stuck. Phoning HMRC has been totally futile.

Hi Y C,

You can see guidance on the remittance basis at section 9 of the following guidance:

Guidance note for residence, domicile and the remittance basis: RDR1

There is an exemption of small amounts of foreign income, when you meet the stated conditions. If those conditions do not apply then you will need to submit a Self Assessment tax return.

Thank you.

Hi Peterofl,

Please try N/A2 for the 3 number prefix. If HMRC have not requested a Self Assessment Tax Return, you cannot submit one online. Have you registered for self assessment? You can do this at:

Check how to register for Self Assessment

Do you have a Personal Tax Account (PTA)? You can complete Self Assessment Tax Returns in your PTA account. To register for an individual account, have a look at:

HMRC online services: sign in or set up an account

Thank you.

The reason for my inquiry stems from a potential serious issue my wife brought to my attention today. Both of us are on PAYE with salaries approximately at £51K for me and £59K for her after pension contributions. Despite our typical tax arrangement, my wife, due to receiving child benefits, is required to undergo tax self-assessment. In a regular year, this hasn't posed a problem. However, in 2022, I liquidated some bonds in Italy with a nominal value of 125K euros (£105K). These bonds, originally set up by my father, accrued approximately 900% in capital gain over 30 years. Upon redemption, the Italian government levied all applicable taxes on the sum. I would appreciate guidance on how to navigate this situation.

Hi sandey2k

You should have received some certificate from the providers upon liquidation and the gains declared in a self assessment tax return.  
Child benefit is charged against the highest earner in the house-hold, so this could be you with the additional income.  
Any income above £60000, means that 100% of the Child Benefit must be repaid.  (You repay 1% child benefit for every £100 above £50000).

Thank you