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Posted Tue, 16 Aug 2022 16:27:07 GMT by Ysom Aa
I have a saving fix deposit in India which was matured on 12-Feb-22. As per the fix deposit statement, interest was credited into FIx deposit account on 12-Feb-22 and by default bank automatically renewed the Fix Deposit for 1 year. On 05-May-22, I requested Bank to close the fix deposit and transfer the maturity amount in my saving bank account. 12-feb-22 and 05-may-22 falls in different tax years. My question: Should Fix Deposit Interest be considered Income for Tax year ended 05-apr-22 or for current Tax year which will end on 05-apr-23?
Posted Thu, 18 Aug 2022 13:18:16 GMT by HMRC Admin 2

It will need to be both.

The interest received in February will be declared 21/22 and May will be declared 22/23.

Thank you.

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