I am a French citizen who previously worked in Canada (for 4 years), and I moved and started working in the UK in October 2015 (I am resident but not domiciled). I transferred my Canadian saving money in the UK in January 2017.
Between the moment I arrived in the UK and the moment I transferred the money in the UK I earned untaxed interest in Canada (around 400£ in 2016-2017, and around 250£ in 2015-2016) and I am trying to figure out how I should report this in my UK Self assessment.
I also have some low income (less than £2000) coming from interest bank accounts in France, so I have to file under Remittance Basis.
So far this is what I have done:
- on SA100 box 3 (Untaxed foreign interest (up to £2,000) - amounts which have not had tax taken off) , I put the interests I earned in canada for 2016-2017 (but not the one from 2015-2016) and remitted in the UK which are around £400
- on SA109 under Remittance Basis, I ticked box 28 (If you are making a claim for the remittance basis for 2016-17) and I ticked box 29 (If your unremitted income and capital gains for 2016-17 is less than £2,000)
- on SA109 under Remittance Basis, I ticked box 37 (If you have remitted nominated income or gains during 2016-17) <---- I ticked this box because of the money I remitted from Canada and the interests I earned on this money during this tax year. Is this correct?
However, I am unsure of what I should do concerning the following statement from the manual regarding the box 37 mentioned above:
Should I described the fact that I earned £250 of Foreign interest in 2015-2016 and £400 of Foreign interest in 2016-2017? If yes, why and what is the impact on my taxes?If the income or gain covers more than one tax year, give a breakdown of the amount in the 'any other information' box, box 40
Thanks for your help!
