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Posted Fri, 19 Jan 2024 17:11:54 GMT by
Non-domiciled residents of the UK with foreign NRE savings interest income. Details Priciple Amount in Savings NRE : £50k Net Interest Earned after foreign in the FY : £4k Amount remmited to UK in FY: £40k Since the total amount is less than the principle itself , what is the taxbale amount that I need to enter? will it be zero ? None of the examples clarify this on "Paying tax on the remittance basis (Self Assessment helpsheet HS264)" -
Posted Wed, 24 Jan 2024 08:36:51 GMT by HMRC Admin 25
Hi londa123,
We cannot advise you how much tax is payable in this forum.
We can only provide general information and guidance.
For an answer to this question, you would need to seek the advice of an accountant or other financial professional.
Thank you. 

Posted Wed, 24 Jan 2024 09:49:40 GMT by
Hi HMRC Admin 25 These are example figures to understand & not looking for exact figures . This can be simply answered by stating the rule. From what I read through online refrences , it states if amount remited is greater than interest earned , then you pay tax on all the net intrest earned i.e Taxable amount £4k as remmited £40k . If one remmits less than net interest earned then it is the same amount that is taxbale . i.e if one remmits £3k then taxable income is £3k Is the understanding correct
Posted Fri, 26 Jan 2024 15:14:41 GMT by HMRC Admin 25
Hi londa123,
If you have remitted 40k then its the 40k that you report, if you remit 3k then its the 3k that you report.
Thank you, 
Posted Fri, 26 Jan 2024 15:59:24 GMT by
Applogies @HMRC Admin 25 if the question was not very clear £40k is not interest income , it is the part of £50k money sent from UK to Foregin NRE Savings Account which is already taxed in UK. £4k is total interest on £50k Remmited money is £40k In this case will they declare all £4k interest income or since only part of initial money sent from UK is remmited back , they have to declare proportionally ? i.e £4kx£40k/£50k = £3.2K ?
Posted Wed, 31 Jan 2024 07:43:43 GMT by HMRC Admin 25
Hi londa123,
You need to declare the amount you actually remit to the UK.
Thank you. 

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