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Posted Mon, 01 Jul 2024 12:28:34 GMT by Hans99
Hello, I have received a lump sum amount on maturity of my PPF account in India. PPF accounts are a fixed interest saving instrument guaranteed by the govt of India for a min term of 15 years. This is not an employer/govt contributed account but all the contributions are paid in my the account holder. The maturity proceeds are tax exempt in India. I haven't paid into this account since 2007. I closed this account in Jan 24 and received the final maturity amount. I want to understand clearly, 1) Is this taxable in the UK? 2) how should this be declared in the self assessment? under which section thanks
Posted Thu, 04 Jul 2024 07:59:19 GMT by HMRC Admin 25 Response
Hi Hans99,
Please refer to Articles 19 and 20 of the DTA:
UK/INDIA DOUBLE TAXATION CONVENTION
If taxable you will declare as foreign income.
Thank you. 

 

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