Hello,
I would be grateful for some guidance.
I am a UK tax resident.
My family is thinking about gifting me some money which is in Pakistan. The sum will be less than £50,000.
I am not sure of the process around this. Can someone please advise:
1. Will I have to pay tax on these funds?
2. Can this sum be transferred in one transaction from a Pakistani bank account to a UK bank account (i.e. is there any limit to how much you can transfer)?
3. Is there any fee / charge which will apply to this in the UK?
4. If I have to pay tax, then other than declaring it to the HMRC, do I need to declare it to anyone else e.g. let the bank know in advance?
I do not understand financial matters well hence your help will be greatly appreciated.
Thank you.
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