Anson Chow
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RE: Self assessment submission - foreign income, rental income and interest income
If the savings interest from my UK bank account and Hong Kong (foreign) bank account were £350 and £11, respectively, and my total annual income was less than £20,000, my savings interest should fall within the tax-free allowance. In this case, my only sources of income are my UK salary, UK savings interest, and the foreign interest from my Hong Kong account. The UK salary has been taxed through PAYE, and no tax has been deducted from my savings interest. However, I am confused about how to report the £11 from the foreign account on the online self-assessment form. Some administrators have advised that foreign savings interest should be reported in the UK interest section (Box 3: "Untaxed foreign interest (up to £2,000) – amounts which have not had tax taken off"), while others have said it should be reported in the foreign income section. Should I fill in the foreign income section or simply report the Hong Kong interest in the Box 3 of UK interest section?