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
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