GIKASH1312
Joined: 4/23/2024
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Tax on foreign savings interest
I am a UK tax payer. I pay taxes on my overseas savings. My savings are fixed deposits for a period of 10 years. I would like to know if I need to pay taxes on the accrued interest every financial year or after the completion of the fixed deposit period of 10 years when the funds with the accumulated interest is received on maturity ? If I don't need to pay on the accrued interest, what should I do if I have already paid HMRC for the previous years on accrued interest ? -
Mortgage interest on residence we are living in
I recently purchased a house in UK to live in with a mortgage. I am not a first time buyer as I have a flat in India. As I am residing in this house in UK and paying taxes on my foreign rental income, I would like to know if I can adjust this UK mortgage interest with my tax bill in UK. If yes, where should it be put in the Self Assessment form ? Thank you