Maggie Wong
Joined: 11/21/2022
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Loss in time deposit
Dear sir, I have a couples of time deposit made in the UK and one of them encountered a loss. How do I report the loss in interest (untaxed)? (1) The time deposit is a loss because I stop it before its maturity. No interest earned, and I have to pay a fee to the bank for ending the time deposit earlier. (2) The other time deposits give me interests at maturity as planned. Should I deduct the fee in (1) from my total interest earning when filling untaxed UK interest? Thanks and regards, Maggie