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Posted Mon, 20 May 2024 17:47:08 GMT by GIKASH1312
I am a UK tax payer. I pay taxes on my overseas savings. My savings are fixed deposits for a period of 10 years. I would like to know if I need to pay taxes on the accrued interest every financial year or after the completion of the fixed deposit period of 10 years when the funds with the accumulated interest is received on maturity ? If I don't need to pay on the accrued interest, what should I do if I have already paid HMRC for the previous years on accrued interest ?
Posted Fri, 24 May 2024 08:31:45 GMT by HMRC Admin 25
Hi GIKASH1312,
If you cannot access the actual interest until maturity, you only declare the interest at that point.
If already declared, you will now need to submit a claim for overpayment relief for the earlier years.
We can only go back 4 years.
You can find out more here:
SACM12150 - Overpayment relief: Form of claims
Thank you. 

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