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Where Taxpayers and Advisers Meet

Do I have to inform HMRC that overseas accounts being closed and new account opened

skray
Posts:62
Joined:Mon Oct 29, 2012 5:01 pm
Do I have to inform HMRC that overseas accounts being closed and new account opened

Postby skray » Sun Nov 10, 2024 9:10 am

Hi
I am a UK citizen and resident for tax purposes. I have a number of fixed deposit accounts held overseas in India (FCNR accounts). These accounts maturing on the same day and I have asked the overseas bank to consolidate and reinvest as a single deposit - this is for convenience.
Technically this means the existing accounts being closed and a new one opened with a new account number.

I understand I have to pay correct tax on interest income from both closed and new account.

But do I have to inform HMRC that overseas accounts being closed and new account opened.

I read this article hence the question
https://wise.com/gb/blog/declaring-foreign-bank-accounts-to-hmrc

Thanks in advance.
Regards

pawncob
Posts:5162
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Do I have to inform HMRC that overseas accounts being closed and new account opened

Postby pawncob » Sun Nov 10, 2024 9:00 pm

No. As long as you include the interest in your return, you're covered.
With a pinch of salt take what I say, but don't exceed your RDA


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