Hi
I am a UK tax resident now and I hold some old term deposits in India. I am not sure how and when to declare interest earned in these term deposits and pay tax on.
Bit of background, I held a bank account and a term deposit from October 2012 with a bank in India. The term deposit was opened for 5 years at rate of 8.5% interest paid annually. After 5 years i.e. in October 2017, the deposit matured, but the bank auto renewed (principle + interest of 5years) it for one year at an interest rate of 6.9% and has been doing that for 2018 and 2019 as well. No interest was paid to my main savings account.
Do I need to disclose this to HMRC for previous years for the interest that was accrued (but not paid). Or, shall this be disclosed and tax paid only when the deposit is matured and money paid into the main savings account?
Thanks
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