Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 02 Mar 2024 19:31:31 GMT by nomadic_user
I am Non-Dom UK Resident , transfered my UK PAYE salary savings to Indian NRE Account for last 4 years, following are the interest earned each year, If I now remmited all the NRE savings & interests , what is my taxable Amount ? I am aware that PAYE salary savings is not taxed as it was already taxed in UK . What about interest of 4 years do , I pay tax on all ? or only for interest earned in the year remmited Example FY20-21: Interest earned in NRE account - £2.5K (not remitted, not declared) FY21-22: Interest earned in NRE account - £2.2K (not remitted, not declared) FY22-23: Interest earned in NRE account - £2.3K (not remitted, not declared) FY23-24: Interest earned in NRE account - £2.3K (all PAYE salary NRE savings + all interest from years 1 to 4 remitted) So when I do Self Assesment FY23-24 what is my taxbale earning , should it be sum of All intrest (1 to4) or only 4th i.e Interest Earned in FY23-24?
Posted Tue, 05 Mar 2024 13:01:04 GMT by HMRC Admin 32 Response
Hi,

If you have paid UK tax on your income before sending it to your Indian bank account, it is only the interest arising from the money sent to the bank account, that would be taxable in the UK, as foreign interest.  

The capital would be the income you have already paid UK tax on, so would not be taxable again.

Thank you.

You must be signed in to post in this forum.