This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Foreign Income from Term Deposits

akal4345
Posts:1
Joined:Fri Jun 05, 2020 1:54 pm
Foreign Income from Term Deposits

Postby akal4345 » Fri Jun 05, 2020 2:10 pm

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

Return to “Income Tax”