Once you become a UK tax resident on 1 September 2026, HMRC will expect you to report your worldwide income, including the £585.61 offshore interest [1][2]. The key change is your residence status: non-residents are not taxed on foreign interest, but UK residents are taxed on worldwide income unless a specific relief applies [1][2].

However, you will almost certainly owe no tax on this amount. As a UK resident, you benefit from the Personal Savings Allowance, which exempts the first £1,000 of savings interest for basic rate taxpayers [Gemini]. Your SOAS PhD Teaching Scholarship stipend is typically exempt from tax, and only the teaching salary component is taxable [Gemini]. Unless your teaching salary alone exceeds your Personal Allowance (£12,570), the £585.61 interest will fall within your allowances and incur zero tax liability.

A critical exception may apply: if you qualify for the Foreign Income and Gains (FIG) regime introduced from 6 April 2025, foreign interest may be outside the UK tax net for your first four years of UK residence [3][4]. This depends on your prior non-UK residence history and whether you make a claim. If you qualify, the interest would not be taxable even though you are resident.

Regarding reporting: if the interest is fully covered by your allowances and you have no other complex income, you may not need to file a Self Assessment return unless HMRC requires it for other reasons [Gemini]. However, if you are required to file a return or if the interest is not fully covered, you must report it. Additionally, split-year treatment may apply if you arrive partway through the tax year, potentially affecting which income falls into the UK tax net [5]. Monitor HMRC guidance as your move date approaches, particularly regarding any changes to foreign income thresholds.