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Posted Fri, 22 Apr 2022 16:03:18 GMT by xFifty
Dear All, I am trying to understand whether or not I need to register for self assessment for the fiscal year 2021-2022, and would highly value any advice / view regarding my situation described therafter: General information: - I am French, moved in the UK as of 01-Jun-21 (and my fiscal residence moved as of this date) - I had a salary in the UK over this fiscal year that was below £100k Specific items: - I traded some cryptos, for an overall gain below £100 >>> since this is well below the Capital Gain allowance, I assume this does not need to be reported - A property investment bond that I bought 18 months ago in France reached maturity in November 2021, hence I received the principal back + c.130€ of interest. I have disclosed this in my French tax return and I understand this is taxable in France >>> I assume this qualifies as a foreign income and would still need to be reported in the UK, but the self assessment registration form asks "I'm getting taxable foreign income of £300 or more" - is it unnecessary to report a foreign income below £300 (it's the case here)? - My dad sends me €500 per month via bank transfer, just to help me to settle >>> do I need to report this? If so, I assume it would be from the date I moved in the UK to the end of the fiscal year - I received some bank interests from the Netherlands (current bank account, interests amounting to c. €5), and France (tax efficient savings account in a French bank, interests of c. €500) >>> I am a higher-rate tax payers, hence these interests should be covered by the PSA - but does it work for foreign bank accounts? I hope this is clear enough! Any help would be very much appreciated. Many thanks in advance!
Posted Tue, 26 Apr 2022 14:15:45 GMT by HMRC Admin 2
Hi,

There is no threshold with foreign bank interest when considering if you meet the criteria to complete a Self Assessment form.

If you receive any interest from savings outwith the UK you are required to sumbit a Tax Return.

You will still qualify for the £1000 Personal Savings Allowance against this income.  

You would need to register for Self Assessment and also declare your worldwide income.

Register for Self Assessment

The £500 received as a gift from family is non taxable. 

Thank you.
Posted Mon, 02 May 2022 14:06:39 GMT by xFifty
Hi, Thank you very much for your help, this is very much appreciated and extremely helpful! I will register for Self Assessment and do the following: - Crypto: will disclose the gains (even if covered by allowance) - Money from my dad: not disclosed as not taxable (gift) - Bank interests: will disclose (even if covered by allowance) - The French real estate bond: will disclose, but is there a way to avoid double taxation (as I have already paid taxes on it in France)? Thak you so much! G
Posted Wed, 04 May 2022 13:53:56 GMT by HMRC Admin 17

Hi,
 
If claiming under Double Taxation with the UK and another country you would complete the Residency section of the tax return. 

You can find information on this subject at :

HS304 Non-residents — relief under double taxation agreements (2022)   and also on the Residency Notes of the Self Assessment form :


Residence, remittance basis etc notes    .

Thank you.

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