Skip to main content

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

Posted Tue, 23 Jan 2024 21:59:23 GMT by
Hi. A couple of questions: FOREIGN INTEREST INCOME Starting Rate for Saving and Personal Savings Allowance: I have personal UK income of around £12,570 which will be taken by the Personal Allowance. I then have about £13,000 interest income from Australian Savings. 1. Will this foreign interest income be covered by the Starting Rate for Saving and Personal Savings Allowance? 2. Do both the Starting Rate for Saving AND Personal Savings Allowance apply (i.e. will it be £5,000 allowance for Starting Rate for Saving AND £1,000 Personal Savings Allowance -- or just £5,000 allowance for the Starting Rate for Saving)? AUSTRALIAN DIVIDEND INCOME I have income from Australian Dividends which have Franking Credits applied to them - How do I address this on my self assessment? I know I need to declare the income from the dividends in the Foreign Section as my interest income is >£2,000 but I am not sure how to apply the franking credits. Thanks!
Posted Wed, 24 Jan 2024 13:30:51 GMT by
One further question regarding 'Interest and other income from overseas savings' vs. 'Remitted foreign savings income'. Do I need to fill out both of these if I sent the savings income to the UK. For example, if I earned £10k in savings interest income and I sent £5k of that to my bank account in the UK, do I need to include both of those amounts or just the £10k? Thanks
Posted Fri, 26 Jan 2024 14:09:40 GMT by HMRC Admin 25
Hi Diana  Marini,
You would get the £5000 starter rate and the £1000 personal savings allowance.
For the dividends, please see guidance here:
DT2654A - Double Taxation Relief Manual: Guidance by country: Australia: Notes
Thank you. 
Posted Mon, 29 Jan 2024 08:08:54 GMT by HMRC Admin 19

It would be the £5000, as that is what you have remitted.

Thank you.

You must be signed in to post in this forum.