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of <h1>UK-India DTAA Article 12: Interest Taxation Rules, Rates, and Exemptions Explained; Includes 10% Rate for Banks</h1> Article 12 of the Double Taxation Avoidance Agreement (DTAA) between the United Kingdom and India addresses the taxation of interest. Interest arising in one Contracting State and paid to a resident of the other may be taxed in both states, with a maximum tax rate of 15% in the source state if the recipient is the beneficial owner. Exceptions include a reduced rate of 10% for banks and exemptions for government entities. Interest related to certain loans guaranteed by export credit agencies is exempt from tax in the source state. The article specifies conditions where these provisions do not apply, such as when the interest is connected to a permanent establishment or if the arrangement is primarily tax-motivated.
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