Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sun, 16 Apr 2023 05:14:42 GMT by Kuro To
I am non uk domiciled, non uk resident, Gaining around 500gbp interest for 22/23 year, I travel to uk n stay there less than 90 days, my account was opened 7 years ago when my son studied in the uk, I do not have any other income from uk, do I have to pay tax on this income arising from hsbc saving account? Many thanks
Posted Thu, 20 Apr 2023 12:27:13 GMT by HMRC Admin 20
Hi Kuro To,

As you are not resdient and not domiciled in the UK, then your UK interest is classed as 'disregarded income'.  
‘Disregarded income’ is savings and investment income (dividends and stock dividends from UK-resident companies, interest, purchased life annuity payments, deeply discounted securities, distributions from unauthorised unit trusts, transactions in deposits), annual payments, and certain types of pension income, social security income, and certain payments made through UK brokers.
Your tax liability for the tax year is worked out, including the interest and is the lower of the amount of tax paid or tax payable.  
The amount of tax payable, is compared to the amount of tax deducted from the interest.  
If the tax deducted is below the amount payable, then being the lower of the two, is the tax your are liable to pay.
 If the tax payable is less than the tax deducted, then as the lower amount is the tax payable, you are due a repayment of the excess tax deducted.  

Thank you.
Posted Thu, 20 Apr 2023 13:08:58 GMT by Kuro To
Thanks for the reply, I am sorry that I don’t quite understand how to work out , I had around 500 gbp interest for the year of 2022/23 in my hsbc account , so do I have to pay any tax?
Posted Thu, 27 Apr 2023 10:19:40 GMT by HMRC Admin 32

You would only need to pay tax on this if you were an additional rate taxpayer.

Tax on savings interest

Thank you.

You must be signed in to post in this forum.