HI all,
I had a quick question about the CRS stuff from those in the know. I am a UK taxpayer with money and assets recently invested in India. I pay tax on my Indian income to the UK authorities (where repatriable) and to Indian authorities where not repatriable.
My questions are:
a) under CRS, do the Indian banks report directly to HMRC or via the Indian government?
b) is the exchange only about balances or also interest earned?
c) are complete tax affairs/tax records exchanged or is it only about balances in the financial institutions?
My main concerns are in organising non repatriable income for UK audience consumption! And how I manage those affairs
Thanks!
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