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Posted Tue, 23 Apr 2024 16:08:59 GMT by daniel fok
Dear Sir / Madam, I am a non-resident but I have property rented out in UK. Every year I will be filing Self-Assessment for tax. Last year, due to interest rate rise, I am also starting to receive interests from my bank account in UK. Although I am aware that if the interest amount is less than £10000, no Self-Assessment filing is required for non-resident (from other Q&As in this forum and I might be wrong), I would like to ask given that I am filing Self-Assessment for the property rent income, do I need to also report the interests that I am now getting from bank, even though it should be less than £10000? Thank you for your help and looking forward for your reply.
Posted Tue, 30 Apr 2024 11:05:28 GMT by HMRC Admin 10 Response
Hi
Yes, you will need to report the UK banks and building society interest on the tax return.  The £10000 threshold is part of self assessment criteria and is used to determine if a tax return is required.  As you have UK income from property, a tax return is already required, so that question becomes irrelevant.  As a non Uk resident your UK bank interest will be treated as disregared income when your tax liability is calculated.  Please have a look a the guidance at HS300 for more information. Non-residents savings and investment income (Self Assessment helpsheet HS300)
Posted Thu, 02 May 2024 01:22:19 GMT by daniel fok
Thank you so much for your response, which answers my question clearly.
Posted Wed, 15 May 2024 03:52:19 GMT by daniel fok
Dear Sir / Madam, I do have a follow up question on this. For the property tax, I am eligible for the personal allowances applied in tax calculation. According to HS300 Non-residents and investment income (2024) item 2, Does it mean that personal allowances will no long be eligible if I have interests from bank deposit? https://www.gov.uk/government/publications/non-residents-and-investment-income-hs300-self-assessment-helpsheet/hs300-non-residents-and-investment-income-2024 Looking forward to your reply. Many thanks.
Posted Fri, 17 May 2024 09:22:15 GMT by HMRC Admin 25 Response
Hi daniel fok,
If the interest is not from a trade, yes.
Thank you. 

 

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