Dear collective hive,
My mother is 1 of 6 siblings and is domiciled in England. She is a widower and receives an NHS (deceased father's) and State pension.
Her mother's property is about to be sold in Pakistan and all her siblings shall be travelling there next month to finalise the sale and collect their share into their newly opened Pakistani bank accounts in PK Rupees.
The property was transferred to their mother, when their father died many years ago and more recently, the remaining siblings, once their mother died.
My questions are:
1. What taxation, if any is my mother laiable to pay, once she transfers funds from her account in Pakistan to her account in England?
2. I'm unsure if inheritance tax is applicable?
3. Might she be subject to CGT? If so, from which period to which other period is this calculable? Would it be when her father died and a proportion of it came into her being, or when her mother died many years later?
I thank you all kindly in advance.
There is no income Tax on Inherited Property in Pakistan. First you will file suit before Pakistani Court regarding legal heirs of the property. You will file income tax return in Pakistan as non-resident for opening bank account in Pakistan. Then you can transfer your money to any other country.
Pakistan Tax Lawyer
http://www.pakistantaxlawyers.com/