Still getting our heads around filling in the online tax forms and I didnt realise until reading about it the other day that you have to declare life insurance policies on tax forms. I have a couple that only pay out on death - do I have to declare these and if so am worried that I havent declared them for previous years, and also can any one advise what box to enter for interest earned on UK bank account savings, am thinking 8TK.
Please… do not worry about mistakes from previous years… it can be sorted.
I would suggest you have a word at your local Tax Offices and discuss your Declaration. Take the paperwork for whatever policies you have. They may be interested, or they may wave them away. But at least you will have put your mind at rest.
Hi Jen - UK Bank gross interest needs to be declared in box 2TR on form 2047 and carried over to form 2042.
As for the Life Insurance contracts, yes they do need to be declared on form/s 3916 - one for each contract. If you’re worried about previous non-declaration - have a word word your local tax office as Stella suggests.
As bank interest is taxable only in France , you should apply to your UK bank to pay it gross( -they will probably refuse-) so you claim repayment from HMRC- contact them to find out how.
I wouldn’t worry about the Life Assurance contracts , as you will show the date they commenced , this covers previous years . Show them on the form 3916 as assurance “décès”, which shows that you have never made withdrawals.
Until 2016 my UK bank, Barclays, refused to pay the savings interest tax free. Since then they’ve changed. I always presumed that the change applied to all UK banks.
Many thanks for all the info !!
Yes David you’re right. From April 2016 all UK bank interest has been paid gross. No need to contact the bank or HMRC.