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Dear HMRC I have Fixed Deposits which will be Matured in March 2023 i.e when the Interest and the Principal will be credited or received into my Savings Account. My questions are as follows Is my understanding correct that I have to pay tax on the interest gains on the term deposit only when it is credited or received at the time of maturity which in my case would be in March 2023 and pay the tax under financial year 2022-2023? or Do I also have to pay tax on the accrued interest every year even though I have not physically received or accessed the principal or the interest amount? I will appreciate if you can provide some guidance. Thanks and Regards

Hi I have 5 yr NRE Fixed Deposit which will be Matured in March 2023 i.e when the Interest and the Principal will be credited or received into my Savings Account. My questions are as follows 1. Is my understanding correct that I have to pay tax on the interest gains on the term deposit when it is credited or received at the time of maturity which in my case would be in March 2023 and pay the tax under financial year 2022-2023? 2. Can I claim the 15% tax relief as the NRE Fixed deposit was opened within last 10 yrs? and how does it work for 5 yrs NRE fixed Deposits. 3. If I renew my fixed deposit for another 5 yrs (upto March 2028) i.e before the interest and principal amount is received into saving account then do I still need to pay tax in March 2023 or I have to pay tax in March 2028, when the money is actually credited or received into my savings account. I will appreciate if you can provide some guidance. Thanks and Regards