Self assessment declaring interest on savings

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?

Hi
You will declare the interest on maturity as you cannot access it until then :
Interest: taxation of interest
Thankyou.

That's great many thanks. That is what I thought it must be but wanted to check.

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 .

Hi,

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.