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Posted Thu, 23 Nov 2023 15:01:53 GMT by harryss53
Hi, For year 6 April 2022 - 5 April 2023:- 1 - My "UK EARNINGS" were more than £50k and so I fall in high tax slab i:e 40% 2 - My "UK Bank SAVINGS INTEREST" was £594.19 (which was taxed by HMRC automatically) 3 - My "OVERSEAS BANK SAVINGS INTEREST" was £3791 4 - 40% of £3791 = £1516.44 (this is the tax I need to pay) Query 1:- Section "Foreign Income Details" For the question - "Were you unable to transfer some or all of your overseas income to the UK?" I choose answer - "Yes-all" (because none of my overseas savings interest are brought back to UK) System gives me message - "Not required to complete foreign section" Why is that ? Query 2:- Section "UK Interest" My UK bank savings interest was taxed by HMRC. Where I should put that information? In First Option -> Taxed UK interest. Enter net amount after tax has been taken off: (optional) In Second Option -> Untaxed UK interest (amounts which have not been taxed). Enter total amount: (optional) In Third Option -> Untaxed foreign interest (up to £2,000) - amounts which have not had tax taken off. Enter total amount: (optional) Please help. Thanks, Harry
Posted Fri, 24 Nov 2023 16:44:22 GMT by HMRC Admin 25
Hi harryss53,
You would answer no to this question as it is your choice not to bring it.
You only answer yes if the laws of the other country stop you from withdrawing the money and as such you cannot physically access it.
Your UK interest will be untaxed from the banks.
Having an adjustment in your code does not mean it is taxed interest.
Further guidance on completing your return is here:
How to complete your tax return for Self Assessment
Thank you, 

 

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