Britain reduces the period of tax relief on fixed deposits, stock investments of non-resident Indians

50,000 NRIs may migrate to Dubai

British Prime Minister Rishi Sunak

London (Britain) – The British Government has reduced the tax exemption for non-resident Indians living in the UK on fixed deposits (FDs) in banks, stock markets, and rental income from India from 15 years to 4 years. Non-resident Indians will have to pay a 50% tax on their Indian income from the 5^th year of their stay in the UK. This rule will be implemented from April next year.

Britain proposes tax changes reducing the duration in years of tax concession on NRI investment in Fixed Deposits and the #stockmarkets !

50, 000 Non-Resident #Indians are considering shifting their base to #Dubai.

This is a tight slap on the faces of all Indians who feel proud… pic.twitter.com/7l8UdsHYla

— Sanatan Prabhat (@SanatanPrabhat) April 21, 2024

London-based tax consultant, Saurabh Jaitley, said that NRIs are disillusioned about doing business in the UK after the UK Government’s new law. An estimated 50,000 of the 5,00,000 non-resident Indians living in the Britain plan to move to Dubai after this announcement. This is because the personal tax rate in Dubai is zero and the shared (corporate) tax is only 9%. Property tax in London is 40%, while in Dubai it is zero.

50 temples in Britain closed as Indian priests did not get visas

50 out of an estimated 500 temples in Britain have been closed as British Prime Minister Rishi Sunak’s Government did not grant visas to Indian priests. Work in many remaining temples has come to a standstill.

Editorial Perspectives

• This is a slap on the face of Indians who celebrate British Prime Minister Rishi Sunak’s Indian origin.

• It is worth noting how Sunak, who shows himself to be religious by going to the temple during his India Trip, is dealing with Hindus in his own country.