Where to declare gilt interest/coupons on self-assessment

aroominyork

Can someone please point me to where to show gilt interest/coupon income on the online self assessment form? Maybe it's staring me in the face but I cannot find it. Thanks.

DRS1

It is in Additional Information Other UK Income Box 1 and 2 and ?3

SnowMan

DRS1 said:

It is in Additional Information Other UK Income Box 1 and 2 and ?3

Yes that's right.

My understanding is you leave boxes 1 and 2 blank and fill in box 3.

If you bought any gilts remember to deduct the accrued interest on purchase from the next interest payment (coupon) if that was received in the tax year (2024/2025 in this case), and put that resulting figure in box 3. And similarly add in accrued interest if you sold any gilts between coupon payments where the next coupon was in the 2024/2025 tax year.

aroominyork

Got it. Under "Did you receive any other UK income, for example, employment lump sums, share schemes, life insurance gains?" it says:

If you received any of the following income, select 'Yes':

• miscellaneous income - for example, from casual earnings, commission or freelance income, not exempted by the trading income allowance
• business receipts where your business has ceased
• Property Income Distributions (PIDs) from:
  • Real Estate Investment Trusts (REITs)
  • Property Authorised Investment Funds (PAIFs)
• payments from a personal insurance policy for sickness or disability benefits
• income from unauthorised unit trusts
• taxable annual payments
• profits from certificates of deposit
• non-cash benefits you received for being a former employee
• the following authorised payments from an overseas pension scheme:
  • the taxable part of an 'uncrystallised funds pension lump sum'
  • a winding-up lump sum or a trivial commutation lump sum
  • payments after age 75 as a serious ill-health lump sum, from 16 September 2016, or authorised lump sum death benefit

No mention of gilts, but if I tick Yes and go through to the subsequent page it offers "Interest from gilt edge and other UK securities, deeply discounted securities and accrued income profits".

One more question please. Do I have to declare (and if so, where) a non-taxable (<£30k) termination payment when I left a job? For now I have decsribed it in the free text "Any other information for [name of employer]" box.

SnowMan

aroominyork said:

One more question please. Do I have to declare (and if so, where) a non-taxable (<£30k) termination payment when I left a job? For now I have decsribed it in the free text "Any other information for [name of employer]" box.

Wouldn't it go in box 9 of this part of the additional information?

LateGenXer

SnowMan said:

DRS1 said:

It is in Additional Information Other UK Income Box 1 and 2 and ?3

Yes that's right.

My understanding is you leave boxes 1 and 2 blank and fill in box 3.

If you bought any gilts remember to deduct the accrued interest on purchase from the next interest payment (coupon) if that was received in the tax year (2024/2025 in this case), and put that resulting figure in box 3. And similarly add in accrued interest if you sold any gilts between coupon payments where the next coupon was in the 2024/2025 tax year.

That's also my understanding.

FWIW, for those like me who found the accrued interest rules error prone for spreadsheet, I wrote a dedicated calculator -- https://lategenxer.streamlit.app/Accrued_Income_Calculator