Offshore bond gains

I have a question regarding an offshore bond gain of £700. There is no tax to pay because it is covered by the personal savings allowance. The individual's other income is well within the basic rate threshold < 35K. Do they need to complete self-assessment?

Hi,

If the sum of your UK dividends and foreign dividends (converted to pounds sterling) is below the dividend allowance for the year in question (for 2023 to 2023 it is £2000.00) then they do not meet the criteria for Self Assessment.

To ensure that you do not need to complete a Self Assessment Tax Return, please take a look at the tax return tool at:

Check if you need to send a Self Assessment tax return

Thank you.