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  • RE: Tax on saving interest

    Hi, I just found a temporary job for 2 weeks and will earn £500. My non-saving income will only £500. Does it mean that I can use my Personal Allowance £12,070 (£12,570 minus £500) for the saving interest? On the other hand, I also have the starting rate for saving £5,000 since my non-saving income is below £12,570. Am I correct?
  • Allowance on Saving Interest Income

    Hello, I have no job and salary. I receive only savings income. Can I enjoy savings income of up to £18,750 a year tax-free. £18,750 is made up of the personal allowance £12,570 + saving starting rate bank £5,000 + personal saving allowance of £1,000. Do I need to declare if my total saving interest is within £18,750 ? I married and my partner has no job either. Could I also share his personal allowance £1,257 in maximum. So, total allowance is £19,827.
  • RE: Interest income from offshore branch of a UK bank

    Hi, I have similar question. I am a UK resident and would like to clarify whether interest income from deposits placed with an offshore branch of a UK bank (in my case, Jersey Branch of HSBC Bank plc) would be regarded as having a UK source? Would it be subject to UK income tax? Can I enjoy the personal allowance £12,570?
  • Tax on saving interest

    Hello, I don't have any salary. My income is only saving interest. Could I use the personal allowance £12,570 for my saving interest? Does Home office provide a calculator for estimation of tax for Salary and Saving Interest in case I have a job in near future? Current calculator seems does not take into account the nature of income whether it is salary or saving as there is various allowances applied. Best regards, Lee Pui Yee
  • Tax on US Treasury bill

    Hello, I am going to buy a US Treasury bill (in USD) via a US based securities platform. I will hold the bill until maturity. So, my gain will be the discount of the bill. Is the gain subject to income tax rather than capital gain tax? What part I should fill in when I declare it in my self assessment? What exchange rate I should take into account to convert the gain in USD into Sterling? Best regards, Nancy
  • RE: Gift tax for cash gift from overseas

    Hi, I am a BNO Visa holder and living in UK now. My brother is a HongKonger and he is living in Hong Kong. He will support our living as well as my son's school fee in UK. He will gift me around £5000 to £6000 in cash every year. He will transfer this cash gift to my account in HK dollar and I will convert it in GBP to pay our living costs. I have 2 questions. 1) Do I need to declare this cash gift in the tax return and pay the tax? 2) Does my brother need to declare this cash gift in written in case tax department questions me? Thank you. Best regards, Lee Pui Yee