RedSquirrel

HMRC Admin 8 - Yes I can confirm the initial fund was in an IRA.

Can I ask regarding my situation please - I am a UK citizen and had to open an inherited IRA-BDA account when my Aunt passed away, I withdrew a small lump sum in 2023 of 15,000 dollars (30% withholding tax was deducted from the lump sum). My question is do I now need to register for self-assessment and fill out Form SA106 to declare foreign interest? My only other income was from part-time employment for tax year 2023/2024 of £3,000. If this is the case, is it correct that the lump sum is classed as inheritance and that I would only need to declare the interest which would have accrued on the account when I withdrew the lump sum in September 2023. The gross interest would be approximately £610.