Rules about claiming interest from a bank account in England?

[Mr and Mrs B]

What are the rules about claiming interest from a bank account in England? Is there a certain threshold before we need to claim? I don't think they send a 1099 equivalent... at least I've never received one.

[marctu]

Federal law requires U.S. citizens and resident aliens to report their worldwide income, including income from foreign trusts and foreign bank and other financial accounts.  If this was a US bank a 1099-INT would be issued if $10 or more in interest was received.  Even if you do not receive s 1099-INT from a US bank it is still reportable interest.  

See this post on how to enter interest from a Foreign bank account:  Need help in entering interest income from foreign bank accounts 

To the extent this interest is taxable in Great Britain you may receive the foreign tax credit.  

Keep in mind that you may also have to file a Report of Foreign Bank and Financial Accounts (FBAR)

Thank you for your question @Mr and Mrs B 

All the best,

Marc T.

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