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Posted Mon, 13 May 2024 21:51:24 GMT by Canc
Hello, I am a resindent in Turkey. I have couple of questions: 1- About interest income from savings account in Turkey. The wording in Double Taxation Treaty is not clear. If I am to earn savings interest income is it subject to income tax %0 - %20 - %40 - %45 tax as usual and the Treaty does not provide a fix rate. Is my understanding correct? 2-About coupon payments from Eurobonds which is like an interest income paid every six months from holding Turkish Treasury Eurobonds. Is there an exemption or is it subject to %0 - %20 - %40 - %45 tax as usual? 3-Is a debt to be collected in Turkey through an Debt Enforcement Office from a third party arising from a debt arising years before residence considered an income? Probably not but just want to make sure. Thanks. Can
Posted Thu, 16 May 2024 12:38:03 GMT by HMRC Admin 32

As a resident of Turkey and not the UK, you are only taxable on income and capital gains that arise in the UK.  If you have UK interest that exceeds £10000, you need to declare it in a Self Assessment Tax Return.
Please have a look at:

Tax on your UK income if you live abroad

Also the helpsheet HS300 about Non-residents and investment income

HS300 Non-residents and investment income (2024)

Thank you.
Posted Thu, 16 May 2024 13:34:37 GMT by Canc
Hi, Thanks. My bad, I meant to say I am a resident in UK. However, I have arrived to UK October 2023, so since I have not spent 183 days in the tax year 22/23 or 23/24, I am not yet tax resident in UK yet. Could you reconsider my questions based on this facts. Additionally I greatly appriciate if you could tell me, how your answer tot he same questions will change once I become tax resident. Best Regards, Can
Posted Tue, 21 May 2024 08:48:36 GMT by HMRC Admin 21
Hi Canc,
We cannot comment on any form of calculation/example or scenario, whether fact or fiction. We can only point you the direction of the guidance, so that you can review the guidance and to allow you to make an informed decision.  
Thank you.

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