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Posted Fri, 08 Mar 2024 14:55:09 GMT by Alessandra
Hi Sir/Madam, My father and I share a joint savings account in Italy, which predates my relocation to the UK several years ago. I've recently noticed that it has accrued less than 10 EUR in interest over the past 7 years. Even though I'm confident I haven't exceeded my UK allowance, do I still need to report these interests in a UK tax return? If my father and I decide to transfer these funds to my sole savings account in the UK, do I need to follow any specific procedures, considering they originate from a joint account? Will there be any taxes to pay? Alternatively, if the money remains in the savings account in Italy, am I only responsible for reporting these minimal interest earnings on my tax return? Thank you. Best Regards, Alessandra
Posted Mon, 11 Mar 2024 16:17:22 GMT by HMRC Admin 8
As you have foreign interest, you meet the criteria for completing self assessment tax returns, as there is no minimum figre for interest.
Thank you.

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