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Posted Sun, 31 Jul 2022 21:31:21 GMT by xFifty
Dear All, I am French but UK fiscal resident (living and working in London). I still have a French savings account called a Plan Epargne Logement. This accounts generates interests each year, but these interests are not accessible as the full capital on this account is only available at redemption (which needs to be a full redemption). Given I did not redeem the capital, do I need to disclose / pay taxes on interests accrued on this account for the past year? My understanding is that disclosure needs to be done at redemption for the full amount of interests received through the life of the account, but would be grateful if someone could confirm that. Many thanks and best regards, G
Posted Tue, 02 Aug 2022 08:52:55 GMT by HMRC Admin 2
Hi,

You are correct.

You do not have to declare the interest generated by your French savings account until full redemption of the invested capital.

Thank you.
Posted Tue, 02 Aug 2022 09:18:16 GMT by xFifty
Hi, Many thanks for your answer, this is very helpful. Just a quick confirmation: - if the savings account is instant-access, I understand that I have to declare interests the year they are paid - if it's a fixed-term savings account (as my account described above), then I understand interests are paid at redemption of the capital. Is that correct? Many thanks again!
Posted Wed, 03 Aug 2022 08:22:52 GMT by HMRC Admin 25
Hi xFifty, 
It depends on the term of the bond. Please refer to guidance at:
Savings and Investment Manual
Thank you 
 

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