TANIA Warnock

One last thing, if something (like this interest) isn't taxable, do we leave it off the return completely?

Thank you Mr Smaldon!

Thank you, I had already read the double taxation treaty and it doesn't mention loan notes either. On the subject of interest, it says “The term "interest" as used in this Article means income from debt-claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate in the debtor's profits, and in particular, income from government securities and income from bonds or debentures.” So, would HMRC consider interest received from a loan note issued by a private company as “income from a debt-claim”? If it would, then the interest rules apply (which I believe are that, as a resident of Qatar, I don't pay tax in the UK on interest arising in the UK).

Loan notes are not covered by this guidance which is why I posted the question on the forum.

Do I need to report interest received from a loan note issued by a UK company if I am a UK citizen who is a resident of Qatar and non-resident in the UK?