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Posted Fri, 22 Nov 2024 15:56:24 GMT by Dianne Mornard
Reporting foreign income on self assessment online to the question 'were you unable to transfer all or some of your overseas income to the UK' I have ticked the yes circle. Then in the box below it asks for details, which I have provided. The amount of overseas income was earned from bank interest in Australia, has not had tax paid on it, is over £2000, has not been remitted to the UK. I am UK resident and domiciled in the UK for tax purposes. The next step then says, based on my answers I do not have to fill in the foreign section. Is this correct?
Posted Wed, 27 Nov 2024 15:06:16 GMT by HMRC Admin 18 Response
Hi,
The guidance notes state that Unremittable income is "foreign income that you could not bring to the UK because of exchange controls or a shortage of foreign currency in the overseas country. If you later bring this income into the UK, convert the income and foreign tax into UK pounds, using the exchange rate at the time of the remittance".  If you tick this box for this reason, you do not need to complete the foreign section for this income.  If you have other foreign income, then you would still need to complete the foreign section.
Thank you.

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