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Posted Sun, 04 Sep 2022 21:59:49 GMT by Ellen138
I am 60 years old, retired and immigrated to the U.K. under BNO 5+1 scheme. I entered the U.K. on 15 October 2021. The only source of my income is the interest earned from the banks in Hong Kong and the UK in the financial year of 2021 - 2022. May I know how much the allowance for interest is in Self Assessment.
Posted Thu, 08 Sep 2022 10:52:06 GMT by HMRC Admin 19
Hi,

As the interest is from Hong Kong, this needs to be declared as foregin income.

There is a savings allowance of £1000 which covers both UK and foreign interest so that anything below this would not be subject to Income Tax.

Thank you.

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