This section is accessed via the Data input tab within the tax return and allows input of foreign savings interest. You should add a new section for each country from which foreign interest has been received.
All amounts of foreign income received and foreign tax paid must be entered in sterling.
In most circumstances foreign income only needs be declared where the tax payer is resident in the UK for all or part of the tax year. Do not enter foreign income if the tax payer is non-resident as Taxfiler will include all entered income on the return and computation.
If the only foreign income is untaxed foreign interest up to £2,000, then you can opt to enter this in the section for Interest from UK banks instead.
Foreign savings interest
- Country – start typing in the name of the country and select from the populated list.
- Taxable on remittance basis? – this tick box is only available when completing an SA900 return.
- Tick if this is not interest – this tick box is only available when completing an SA900 return.
- Claim Foreign Tax Credit Relief? – tick the box to claim foreign tax credit relief. If FTCR is not claimed then any foreign tax will treated as a deduction from the gross income.
Interest income is added by means of a grid:
- Description of income – enter a brief description of the income, this does not appear on the tax return, and is for memo purposes only.
- Gross income arising – enter the gross amount income arising before any tax deducted.
- Foreign tax taken off – enter the amount of any foreign tax taken off.
- UK tax taken off – enter any UK tax taken off.
- Taxable amount – this column will show the net taxable amount.
To delete a line from the grid, click the ‘trash can‘ button at the end of the line.