Vincent

Hi HMRC, I have US Treasury Bills holding in my UK based broker account (Interactive Brokers UK), and I receive bond interest (coupon payment) in USD twice a year. Upon reviewing the related threads in the forum, could you please help to confirm if my understandings below are correct? 1) Report the bond interest received as foreign income and fill in SA106 form accordingly, making use of the approved exchange rate for GBP/USD. 2) Upon bond maturity, report the difference between what I paid for the bond and what I redeem it in box 3 of SA101 form (page Ai1), making use of the approved exchange rate for GBP/USD. Thank you.

Hi HMRC, Thank you for your reply. I just want to clarify a bit upon further checking on the policy details. My wife's dad, a non-UK tax resident, is the policy owner of the life insurance who passed away recently. My wife, a UK tax resident, is one of the beneficiaries of the life insurance policy and get a payout upon her father's death. The policy is finished by then, and my wife has not acquired anything except the payout. Does she need to declare for the payout in the self assessment? Thank you.

Hi HMRC, I have US Treasury Bills holding in my UK based broker account (Interactive Brokers UK), and I receive bond interest (coupon payment) in USD twice a year. Upon reviewing the related threads in this forum, could you please help to confirm if my understandings below are correct? 1) Report the bond interest received as foreign income and fill in SA106 form accordingly, making use of the approved exchange rate for GBP/USD. 2) Upon bond maturity, report the difference between what I paid for the bond and what I redeem it in box 3 of SA101 form (page Ai1), making use of the approved exchange rate for GBP/USD. Thank you.

Hi HMRC, Similar to the above, my UK based broker (Interactive Brokers UK) pays credit interest to my USD cash balances, initially I think they should be treated as UK income (as broker is UK based) so I filled the amount in SA100 in my previous year tax return (2022-2023). However, upon getting more information from the broker, I believe they are actually holding the USD in the US, and upon reviewing this thread, the interest earned should be treated as foreign income. Now my question is, so I need to amend my tax return (2022-2023) to include the USD interest earned in SA106 instead of reporting in SA100, although it makes no difference to my tax calculation? Thank you.

Hi HMRC, I would like to ask on behalf of my wife. My wife is UK tax resident and her dad who lives in Hong Kong and is a non-UK resident passed away recently. My wife is the sole beneficiary of the life insurance bought by her dad in Hong Kong. When she get the death benefit from the policy, does she need to declare in the self assessment and is she liable to any tax? Thank you.

Hi HMRC, I would like to ask regarding the statement by HMRC Admin 20 above "Where the only source of foreign income is untaxed interest of less than £2000.00, you can declare it in box 3 of SA100 instead of declaring on SA106". If I filled in the untaxed interest of less than £2000 in SA106 in last year's tax return (2022-2023) while leaving box 3 of SA100 empty, is it still fine or do I need to amend last year's tax return (2022-2023) by removing the SA106 and filling in box 3 of SA100 accordingly? Thank you.