Overseas interest

Hi I am from Portugal and before I came to the UK in 2015 I had a saving account for retirement in Portugal. I am now going to transfer some of the money to a UK bank account and I realised I never did the Self Assessment tax return regarding the interest gain. Can you please give me guidance on what should I do in this situation, Can I do the Self Assessment tax return this year with all the interest gain since I am in the UK? Do I need to do he Self Assessment tax return every year even if I don't transfer the money to the UK? Since is not a UK bank account and the interest gain is less than £2000 untaxed, can it be entered on SA100? Thank you very much for you help. Kind Regards Angie

Hi,

Any foreign bank interest should be declared in a Self Assessment Tax Return each year, regardless of the amount or even if no tax is payable on the interest.  

Unfortunately, you cannot lump the last 8 or 9 years interest together and declare it in one tax return.  

Please have a look at the guidance for the world-wide disclosure facility below, for your next course of action.

Make a disclosure using the Worldwide Disclosure Facility

Thank you.

Hi Thanks for your help. I never sent a tax return before , therefore can I register for Self Assessment now to declare this income that I earn from the last 4 years? And then just do a disclosure to the previous years? Thank you. Kind Regards Angela 

Hi Angie

No. a tax return is for that particlar year only and if you need to declare income from previous years also then you need one for each year

Thank you