Query
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Clarification on overseas interest
I received a letter from HMRC that stated I may have received overseas income or gains that I may have to pay tax on. I am currently on a Basic Rate low income, tax deducted via PAYE. I do have overseas interest which has not been remitted to the UK. In checking Tax on Foreign Income and reading the guidance on Reporting Foreign Income, it states 'If you need to pay tax, you usually report your foreign income in a Self Assessment Tax return.' My question: if no tax is due, as total salary plus overseas saving interest fall below Personal Allowance, what actions, if any, are required? Thank you for your guidance in this matter.