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Posted Mon, 03 Jul 2023 17:58:43 GMT by
Back in 2018 we opened a 'Livret A' account in France for my son (dual nationality UK/FR) which paid a tax-free interest, similar to an ISA. At the time I thought that because the account was tax free there was no need to declare it in the UK, but I've seen on a website that may be wrong. My son is a student and doesn't have any earnings, but has an NI number as he worked a summer job last year. So do I need register him for self-assessment and do a return and if so what do I do about the previous years? We're talking about less than 50 Euros in interest for the whole period so he shouldn't actually owe anything. Thanks
Posted Thu, 06 Jul 2023 07:33:53 GMT by
Can anyone help please?
Posted Mon, 10 Jul 2023 07:48:21 GMT by HMRC Admin 5
Hi

If the amount earned in the foreign account when added to your interest in your UK accounts is under your personal savings allowance, and you are not already required to fill out a self assessment tax return for any other reason, you don't need to report the income (or the existence of the account) to HMRC at all.

However, if you are already doing a tax return (and therefore need to declare all your income, however small), you should include the amount of foreign interest within the figure you disclose as your UK interest income received gross.

Thank you
Posted Mon, 10 Jul 2023 08:09:28 GMT by
Thank you very much. That is very helpful.

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