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Posted Thu, 04 Apr 2024 08:02:05 GMT by Koala Bear
Good day, I am resident and tax-resident in the UK, but have some foreign short term deposits that earn interest, which I declare on my tax return. In recent years though, these deposits earned negative interest, ie I had to pay. Can I offset these negative interest receipts (=interest payments) from recent years with interest earnings made on same deposits in 23/24 tax year? Thank you.
Posted Mon, 15 Apr 2024 10:08:30 GMT by HMRC Admin 19

You can refer to the following guidance to see if you meet the conditions:

HS340 Interest and alternative finance payments eligible for relief on qualifying loans and alternative finance arrangements (2024)

Thank you.

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