My daughter is a British citizen and resident in UK. She has Indian grandparents resident in India.
The grandparents have decided to give her a gift of around £10,000 into her bank account in India. The money will land into her NRO account and will yield interest.
What is my daughter's UK tax liability on this. Do I get any UK tax liability because my daughter got a gift and interest income.
Thanks in advance.
Interest received on NRE deposits of Indian banks receive a "tax spared" relief of 15%.
But I am confused with the time limit of 10 years upto which such relief is provided.
My NRE account was opened in December 2017 with HDFC Bank India, but this year 2023-24 is the first time when it will receive interest, on which I will seek to deduct the 15% relief.
Can I continue to claim such relief till 2027-28 or 2034-35?
If I want to claim such relief afterwards too, is it sufficient to move my funds to a new NRE account say with Axis Bank India.
Any help and pointers appreciated, thank you.
I submitted SA tax return for year 21-22 and received a refund £1000 because PAYE deducted more tax than due.
Now I am making an amendment online to the same tax year to report additional income.
I did not find any field to report the refund £1000. Am I missing something, or indeed there isn't a field for this and it will be automatically taken into account by the SA amendment process? Any help most appreciated.