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A little-known fact
Key points
- NRIs in the UK benefit from savings and investment products which are tax-free in India.
- Many Indian UK residents and their tax advisers do not know that these are taxable in the UK.
- Under the UK-India double tax treaty non-resident external account interest taxable in the UK can receive credit for Indian tax even if this has not been paid.
- Non-resident Indians must notify their banks that they are UK-resident so the banks do not levy withholding tax at more than the 15% tax treaty rate.
- UK tax relief under the double tax treaty is only available for ten years after it is first given.
It is very common among the UK’s Indian community to have cash investments in India. Those newly arriving from India to live and work in the UK as well as those who have lived here for generations are widely referred to as non-resident Indians (NRIs). This...
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