I sold my uk property and had 500k in a uk bank account
Uk Gross interest for 2024 on the 500k was 8k
In taxme.ch i added 500k as my bank balance
Putting 8k as gross interest upped my wealth tax by a few thousand.
I was under the impression that overseas bank account interest was not subject to tax as the uk authorities already tax it in my uk tax return.
Can somebody please help clarify
You need to declare all your income, even if it’s not taxed (I guess the tax office would know) it would be used to compute the tax rate.
Based on 1977 UK-Switzerland Double Taxation Convention as amended by the 2017 protocol – in force - GOV.UK this should be purely taxed in CH. (there’s probably a way for you to reclaim any UK tax)
Check if this increased the satzbestimmend or steuerbares Einkommen!
Are you sure you have paid tax in UK for that income? Or you just have mentioned it on your tax return . Based on following information, there should be no tax on interest income
Chen is a Chinese national who lives in China, but used to live in the UK. She is not a UK national. For 2025/26, she has UK savings interest of £2,000 as well as profits of £5,000 from letting out a UK property. She does not have any finance costs for the UK property.
As Chen is not entitled to a UK personal allowance, under ‘normal’ rules she would owe tax on £1,000 of the interest at 20% (being £200), after taking account of the personal savings allowance (she is not eligible for the starting rate for savings). She also owes tax on all of the property income at 20%. Her total UK tax liability would therefore be £200 plus £1,000, which equals £1,200.
However, under the disregarded income rules, the UK tax on the savings interest is reduced to nil. This is because her overall UK tax liability is limited to the UK tax already deducted at source in respect of the savings interest (no tax is deducted at source) plus the UK tax due on her letting profits (£1,000).
Think there’s a bit of confusion all around here.
It’s not the 8k income that raises your wealth tax by a few thousand, but … the 500k, obviously