I am Indian Citizen and a UK tax resident. My domicile status is still Indian (I don't have a PR here). In India I hold an NRE and NRO accounts with my savings (which is available for all Non resident Indians). Now there is interest earned on these two NRE and NRO accounts. Interest earned on NRE is not taxed in India, whereas the interest earned on NRO account is taxed in India.
Few questions
- Do I need to declare the interest earned in these two accounts in UK.
- If yes, How will the tax laws get applied to this interest.
- If I am taxed in UK, how does it work. As I noted earlier, for NRO I already pay the tax in India. For NRE I don't pay the tax in India.
- If I ever repatriate the amount to UK, will I be taxed any differently.
