Do I have to pay tax in UK for a fund in Luxembourg?

Hello,
I am a resident in the UK, paying regular tax on my income and smaller savings. However, I have further savings invested into a sub-fund called LUX-CASH at a bank in Luxembourg. LUX-CASH is not subject to the EU tax. Do I still have to pay tax on the interest rate I gain from this sub-fund?
Thanks,
Mircea

Yes, you do. As a UK resident, you are liable to tax on your worldwide income with credit given for any overseas tax paid.

It's not the account which is the issue, is this particular sub-fund which is taxfree. This is perfectly legal, it's part of the deal of this fund (the interest rate on it is not very high).
If it's legal that I don't have to pay tax on this fund at the origin, why should I pay tax on it in the UK? Report It

Yes you do.
But why isn't the Lux account subject to EU tax. At the very least I'd expect some withholding tax to be deducted, especially under the new rules.

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