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Posted Wed, 14 Aug 2024 13:39:40 GMT by Sschan
I'm under BNO visa, I'm unemployed. I've got saving interests in my Hong Kong bank account which is less than £60 a year. Do I need to submit the self assessment tax return for reporting that? My family member has sent money to me as a gift. Do I need to report that as an income?
Posted Wed, 28 Aug 2024 10:50:01 GMT by HMRC Admin 8 Response
Hi,
The gift from your family member is not taxable in the UK, but your interest from your Hong Kong bank account is.
Thank you.
Posted Thu, 29 Aug 2024 16:04:36 GMT by John Cragg
I have inherited an IRA from my mother , I understand that this is foreign income but where do I record it as it is not interest only but the whole sum
Posted Wed, 11 Sep 2024 07:09:56 GMT by HMRC Admin 25 Response
Hi John,
Payments made by the individual into an IRA, are made after tax relief is given to the individual by the employer.
Payments from this pension are taxable in the USA.
HMRC do not recognise IRA schemes as pensions, so for UK residents, they are taxed as income under the interest and declared as foreign interest on a tax return (SA106).
There is no US taxation if the pension is subject and liable to UK tax.
If US tax is withheld, then the individual,  should seek a refund of this tax (file a form 1040NR).
HMRC will not give a credit for this tax against any UK tax charged on this income.   
Payments made into a Roth IRA are made before tax relief is given.
As a result, payments from this account are not taxable in the USA.
HMRC recognises this account as a pension scheme and as it is not taxable in the USA, it is not taxable in the UK either
Thank you. 

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