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Question re when tax should be paid on interest in below scenario I hold a 2 year fixed deposit starting June 2024 and ending June 2026. The fixed deposit is such that one does not have option to withdraw funds at any time. I have selected that annual interest due is paid directly back in to the fixed deposit account, that is interest cannot be withdrawn. I will therefore only have access to capital plus any interest accrued after 2 years once fixed deposit as matured, ie June 2026. Please advise when tax on interest would have to be paid. Do I pay on interest accrued in June 2025 even though I have no access to the interest and then again for year 2026? Or do i pay tax for full 2 years in June 2026 when I can access all interest? As mentioned fixed deposit is such that funds cannot be withdrawn at any time. Thank you

Hi, Thank you for sending the link re remittance basis. I have read through all details on tax related issues and clearly there are 2 methods of being taxed if recent UK resident 1. Arising or 2. Remittance basis if this is requested According to previous answers on the forum any savings sent to UK which were accumulated prior to being a UK resident are not taxed, ie capital is not taxed but interest made on capital when banked in UK is taxed. From what I have read this is assuming that arising basis is used. A person does not have to use the remittance basis. There is a choice. Maybe the above can be clarified for all readers on this forum. Thank you

Hi, I am a recent resident in UK (but not domiciled in UK). I would like to clarify that no taxed is paid on sending my own savings (ie the capital) from overseas bank in my domicile country to my UK bank account (if these were all savings accrued prior to being a UK resident). I understand I will be taxed on any interest my savings generate overseas or in UK. Please confirm above.

Hi, Thanks for response. To clarify on above - when I bring in my savings from abroad I will not be taxed on the capital but on interest the savings generate in bank? Assuming I am using arising basis of tax. Again assuming i am using arising basis I will be taxed on any interest on savings abroad. Please confirm if above is correct. Thanks

I have a question. In tax year April 2023 to April 2024 I have become a new tax resident in UK but not received any income (as in a salary, interest, dividends or any other form of gains) from either UK or any other country since I live on past savings. Am I required to send in a self assesment form for this year?