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Question re: declaring UK savings interest on tax form

Question re: declaring UK savings interest on tax form

Old Apr 14th 2018, 3:16 pm
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Default Question re: declaring UK savings interest on tax form

Hi all

Am I right in thinking that when filling out your French tax declaration, you DON'T need to declare interest earned on "normal" UK savings accounts (as interest is already taxed in the UK automatically by the bank and thus covered by the France/UK double taxation treaty). I'm talking less than £100 in interest for the year anyway so it's really nominal, I just want to make sure I get it right.

However, I DO need to declare any interest earned on ISA accounts as these are tax free in the UK but not in France...right?

Probably a really basic question, I just want to check.

Also I know you have to declare all bank accounts that you have open abroad - previously I did this on paper that I attached to my paper tax return, but I want to do my tax declaration online this year yet can't see how it's possible to declare my UK accounts?

Thanks in advance for any help
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Old Apr 14th 2018, 6:17 pm
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Default Re: Question re: declaring UK savings interest on tax form

Hi
Welcome to the forum.
Bank interest is no longer taxed in the UK and should be declared in France.
HTH
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Old Apr 14th 2018, 7:04 pm
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Default Re: Question re: declaring UK savings interest on tax form

Originally Posted by thistly
Hi all

Am I right in thinking that when filling out your French tax declaration, you DON'T need to declare interest earned on "normal" UK savings accounts (as interest is already taxed in the UK automatically by the bank and thus covered by the France/UK double taxation treaty). I'm talking less than £100 in interest for the year anyway so it's really nominal, I just want to make sure I get it right.

However, I DO need to declare any interest earned on ISA accounts as these are tax free in the UK but not in France...right?

Probably a really basic question, I just want to check.

Also I know you have to declare all bank accounts that you have open abroad - previously I did this on paper that I attached to my paper tax return, but I want to do my tax declaration online this year yet can't see how it's possible to declare my UK accounts?

Thanks in advance for any help
I’m afraid you definitely do need to declare the interest earned on any UK savings accounts, ISAs or other.
I’m still filing my return on paper and like yourself, have in the past opted to declare the existence of the accounts on “papier libre” rather than via the official form (3916).
I’ve no idea how to do it online (will start next year) but is there perhaps a link in the main form to the 3916?
And to the 2047 for declaring the interest?
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Old Apr 14th 2018, 7:38 pm
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Default Re: Question re: declaring UK savings interest on tax form

Originally Posted by thistly
Hi all

Am I right in thinking that when filling out your French tax declaration, you DON'T need to declare interest earned on "normal" UK savings accounts (as interest is already taxed in the UK automatically by the bank and thus covered by the France/UK double taxation treaty). I'm talking less than £100 in interest for the year anyway so it's really nominal, I just want to make sure I get it right.
No because if you're resident in France you shouldn't be paying tax on normal UK savings accounts in the UK, it's taxable in France. The interest should be paid with no tax deducted, and you declare it and pay tax on it in France.
If tax has been deducted at source in the UK you need to then claim it back.

Originally Posted by thistly
However, I DO need to declare any interest earned on ISA accounts as these are tax free in the UK but not in France...right?
Yes.

Originally Posted by thistly
Also I know you have to declare all bank accounts that you have open abroad - previously I did this on paper that I attached to my paper tax return, but I want to do my tax declaration online this year yet can't see how it's possible to declare my UK accounts?

Thanks in advance for any help
Someone else will advise on this - you just need to bring up the appropriate form but I can't remember exactly what the procedure is. Thereafter it will automatically appear each year with the data prepopulated from the previous year. (I have a feeling it might appear automatically when you tick the box to say you have overseas accounts, but I honestly can't remember.)

As a general comment - even if an income source is taxable in the UK, you still need to declare it in France as it is part of your worldwide income and needs to be included in your RFR.
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