Overseas bank accounts - what should I be aware of?

[Ice_blue_tvr]

For those with bank accounts in non-European/non-US countries (ie India) , is there anything to be aware of in particular? Are there any tax implications in the UK?

Let's say -
A) I deposit money from a UK bank account into the foreign account and let it sit there, only using and spending from that point on in that country itself. I would imagine there is nothing to declare in the UK on my self assessment or otherwise?

B) if I earn interest on the foreign account and transfer it back to my UK account, would I need to declare this (I'm assuming it would have been taxed by the country in which the account resides)?

[dingg]

Residents in the UK pay tax on worldwide income

[CharlesElliott]

For B), you need to declare in the return for the tax year that you earn the interest, regardless of whether or not you repatriate it to the UK. They will also ask if / how much tax was already taken off and you will then need to make up any difference vs your prevailing tax rate.