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Posted Mon, 16 Dec 2024 22:19:24 GMT by KF@2023
Dear HMRC, I would appreciate your guidance regarding the reporting of interest income on fixed deposits with auto-renewal terms for my self-assessment tax return: I understand that interest income from a fixed deposit must be reported upon maturity. However, in the case of a fixed deposit with a 12-month term that is set to auto-renew for another term, how should I report the interest income? Should I still report the interest for each annual maturity term, even though the profit cannot be realized due to the restrictions on withdrawal? Or, is it required to declare the interest only at the end of the final maturity period when the funds are fully accessible? Your advice on how to properly handle this situation in accordance with HMRC guidelines would be greatly appreciated. Thank you for your assistance
Posted Mon, 23 Dec 2024 17:09:04 GMT by HMRC Admin 10 Response
Hi
As it is a fixed term deposit of 12 months then the interest should be declared at the end of the term.

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