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Where Taxpayers and Advisers Meet

Declaring foreign savings income

chinchilla1000
Posts: 1
Joined: Sun Jul 28, 2019 12:24 pm

Declaring foreign savings income

Postby chinchilla1000 » Sun Jul 28, 2019 12:40 pm

Hi all,
I'm an Aussie expat living in the UK for the past few years, with bank accounts held in Australia. On the self-assessment form it says that untaxed foreign income needs to be declared. However, when I lodged my Australian tax return last year (Australian tax year being July-June) I reported the interest earned on my Australian accounts (under £20) to the Australian Tax Office and subsequently paid tax to the ATO accordingly. May I confirm that this small amount does not need to be declared to HMRC, since I have already declared and paid tax on it in Australia? (Please note I don't currently complete self-assessment)
Cheers!

pawncob
Posts: 4351
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Declaring foreign savings income

Postby pawncob » Mon Aug 05, 2019 4:02 pm

It's probably not taxable, so just ignore it.
https://www.gov.uk/apply-tax-free-interest-on-savings
With a pinch of salt take what I say, but don't exceed your RDA


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