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RE: Banking Interest for Non-UK Tax Resident
Hi My query is about the 2023/24 UK tax year. My spouse and I were resident in Canada for the full year and paid taxes in Canada. Query is about UK bank/savings interest with additional information provided below for context. Me - Received UK income (below 150,000 GBP). Applicable taxes paid in the UK. Reported on Canadian tax return. - Joint bank/savings a/c with spouse. - No other UK income. Spouse - Joint bank/savings a/c with me. - No other UK income. Bank/savings interest - Joint bank/savings a/c. Total gross interest ~2,500 for 2023/24 tax year. (50% share for me and spouse = ~1,300 GBP each) Questions 1. We used the online tool (https://www.gov.uk/check-if-you-need-tax-return). As savings/interest income was below 10,000 GBP and answers to all other questions were 'no', neither I nor my spouse need to complete self-assessment tax return. Is this correct? 2. As the gross 2023/24 bank/savings interest income for me and my spouse was ~1,250 GBP each (i.e., between 1,000 - 2,500 GBP) we are required to inform HMRC. Is this correct? 3. De we still need to inform HMRC if the total gross amount of savings/interest income was reported on the Canadian tax return and tax paid on it in Canada? 4. Can we use the personal tax account website to report the bank/savings interest for 2023/24 or do we need to call you? Thanks