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Posted Tue, 06 Jun 2023 07:36:32 GMT by jilli48
When do I declare interest on savings accounts that are fixed term and not accessible and the interest is simply kept in the account? Do I declare it when the savings account matures?
Posted Wed, 07 Jun 2023 17:02:24 GMT by HMRC Admin 10
You will declare the interest on maturity as you cannot access it until then :
Interest: taxation of interest
Posted Thu, 08 Jun 2023 14:58:18 GMT by jilli48
That's great many thanks. That is what I thought it must be but wanted to check.
Posted Sun, 18 Jun 2023 09:53:08 GMT by Candy Pang
Hi. I immigrated to U.K. on 9 Oct 2022. 1 ) I have a Joint saving account in HK with interest earned only less than £50 from 9 Oct 2022 till now and me don’t have job in U.K. Do I need to send tax return 2022-2023 ? 2) I have fixed term deposit in U.K. and the first amount of interest earned start on 6 April 2023 . So it should be declare in 2023-2024 tax return . Am I right ? Thank you .
Posted Thu, 22 Jun 2023 13:09:23 GMT by HMRC Admin 32

If you qualify for split year then you only report any foreign income for the UK part of the year.

RDRM12000 - Residence: The SRT: Split year treatment

If you do not qualify then you will need to report all your foreign income to the UK.

Tax on foreign income

The guidance at RDRM12150 at GOV.UK will help you work out if split year treatment applies.

Thank you.

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