Personal Finance & Money Asked by xack on April 5, 2021
What are the taxes? or other Uk Gov-related rules that we need to keep in mind in order to bring inherited money from Pakistan to the UK? My Grandfather passed away and left an inheritance for his kids (my father), My grandfather never lived in Uk and was domiciled in Pakistan but my father lives in the UK and wants to bring the Money here to the UK. I have asked HMRC and they said that the UK government doesn’t care and my father does not have to pay inheritance tax on this as it is not from the UK. Can someone please explain the procedure to transfer the money to the UK? and if there is any tax or any charge that we need to pay?
Kind Regards
For the UK side, there is no tax or official charge payable to transfer the money in.
As HMRC have already told you, there's no inheritance tax applicable as the deceased wasn't UK based.
For a transfer, the source of the money is irrelevant as long as it is legal and you can demonstrate that if asked for money laundering purposes.
You will need to use some service to actually send the money and exchange it into sterling. Either a bank or a newer service focused specifically on foreign transfers, like Transferwise should be able to help with that. Those services don't come for free and you should carefully check both the fees they explicitly charge and how competitive the exchange rate they offer is.
Answered by GS - Apologise to Monica on April 5, 2021
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