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Posted Sun, 21 Jan 2024 06:21:30 GMT by
I have a small amount of interest generated from a US based savings account (est. £200 equivalent per annum). This interest was declared and taxed in the US by US tax authorities on a US tax return. For the purposes of an HMRC self-assessment does this foreign constitute "UNTAXED Foreign Interest" because it has not been taxed by HMRC? Or, should it be viewed as already-taxed foreign interest because taxes were paid on it in the US, the country where the interest income originated.
Posted Tue, 23 Jan 2024 14:55:52 GMT by HMRC Admin 5
Hi

It would be taxed interest and be declared in the foreign section in order to apply for foreign tax credit relief.

Thank you

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