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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15933
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I earned a small amount (about £350) of interest on an

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I earned a small amount (about £350) of interest on an offshore Euro account in the year to 2014. We opened this account to hold the deposit holiday property, the purchase of which fell through. We left the money in the account, as we intend to try again this year. How should I treat this account purposes of self-assessment (including the basis of the exchange rate)? The account is held with Lloyds International in the Isle of Man.

Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
.

You should disclose the interest in your self-assesment tax return /14 in the foreign pages SA106 which you can find here.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

Thank you - but I think you may have replied before I amended the question & raised the payment. I asked also how to calculate the exchange rate that applies, as interest is declared in euros.

Expert:  TonyTax replied 2 years ago.
You can use the actual rates on the days the interest was paid or the average rate year ended 31 March 2014 which you can find here whichever is to your advantage.
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Expert:  TonyTax replied 2 years ago.

again. It's been a few days since I answered your question. Is there anything you need further clarification on?

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