New Tax Rule For NRIs In Britain: The government of Indian-origin Prime Minister Rishi Sunak in Britain has introduced another law which is going to have a big impact on the Non-Resident Indians (NRIs) living there. This law will have a double impact on NRIs. On one hand, the tax exemption available to NRIs living in Britain on income from bank FD, stock market and rent in India has been reduced from 15 years to 4 years.
On the other hand, from the fifth year of residence in Britain, NRIs will have to pay 50% tax on their income in India. The new law will become effective from April next year. Because of this, 5 lakh NRIs living in Britain are going to be affected.
50 thousand NRIs may shift to Dubai
According to a report by Dainik Bhaskar, after the new rules, about 50 thousand NRIs are planning to shift to Dubai. The reason for this is that the personal tax rate in Dubai is zero and the corporate tax is only 9%. Indian expatriates also do not have to pay asset tax in Dubai. Whereas in London 40% asset tax has to be paid. After Britain’s new law, Indians are losing interest in doing business in London.
Recently, questions were raised about the Rishi Sunak government not granting visas to Indian priests despite repeated applications. Due to this, the number of priests for worship in various temples of Britain had reduced and the temples were on the verge of closure. Meanwhile, it has also been revealed that in the last five years, 83 thousand 468 Indians have given up Indian citizenship and taken British citizenship. This number is more than any other country in Europe.
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