HMRC Admin 5 Response

Hi PJ JAY,

This would be any UK based bank/building society account.

Thank you.

Hi Gaurav

Uk residents, who are also domiciled in the UK, are taxable on their world-wide income.  

This includes interest arising from NRE accounts, even if the interest is not taxable in India.  To overcome this, the UK / India DTA allows for a notional tax credit, known as 'tax sparing relief'.  

This relief only lasts for 10 years, from the time the reduction was granted. The 10 year relief period would commence from the tax year the account was first created.  

The fact that you have not claimed the relief does not alter the date that the relief is first allowed.  

Thank you.

Hi,

You can use either of the yearly rates mentioned in your original questionS for the 22/23 tax year.

Thank you.

Hi Eman Hussein,

We are unable to advise of this as the checks are completed by several different departments within HMRC.

Thank you.