HM Revenue & Customs (HMRC) is proposing to tax offshore interest received by UK individuals on a calendar year basis instead of the UK tax year basis. Currently UK taxpayers often receive statements of interest payments received from overseas jurisdictions on the calendar year basis,
so the information they need to complete their UK tax returns may only arrive a few days before, or even after, the return is due. These difficulties have increased in recent years because HMRC receives details of overseas income on a calendar year basis under international exchange of information agreements, and will be further exacerbated by the removal of the remittance basis in April this year. Consultation closes on 22 January.