my late father to my knowledge earned his wealth working through the early 70s to early 90s in a clothing manufacturing factory. he earned a substantial sum which was always given to him cash in hand. knowing my dad he did not declare the the earnings for the most of his working life and somehow took the money to Pakistan to deposit in banks and earn interest ( i know stupid right). at no point did he ever own any sort of permanent residence for more than 2years( mum told me we owned a free hold house for two years which my dad sold when i was about 2yrs old). my mum and dad where declared separate at some point due to the ongoing arguments thus all my life ive been living in council and my dad used to come now then to stay in the house but was living in his brothers house for a period of 10years.( it sucked
..)he passed away few years back and i received inheritance when i was 17; for the most part me and my mum managed to sort the accounts and register the money under our name to respective accounts. for the past 5 years i have not touched the money but ive been told that i have been receiving interest on it which is atomically taxed. i was to young to utilize the money in an efficient manner, the total sum converted to pounds is £200k. i wish to bring at least half that sum.
now the issue i have is what implications will i face to bring the money back to uk?
will i incur any major tax penalties?
since most of the money earned was not declared will there be an investigation to discover the source of the income?
what is the best method to bring the money back?
i would really appreciate if someone with in-depth knowledge of inheritance tax and Pakistan banking could help me out, my dad left us in dust and i am trying to utilize the money to buy me and my mum a house to live in.
