Foreign Inheritance

ABN

Not sure which section to post this query in as it doesn’t seem to fit anyone properly but this seems the best at the moment.

My wife currently has about £100,000 inheritance sitting in a Turkish bank. Since it’s earning about 15% and with the falling pound we intend to leave it there until such time that we need it for a house purchase.

Questions are what happens when we wish to transfer it to the UK.

Will we be able to do it easily or will some form of money laundering investigation be triggered. Might be a strange question but when we moved a large sum from one account to a new account in the same name and with the same UK bank all accounts were frozen.

Will she be liable for any tax on it, be it inheritance tax or tax on the interest or tax on the whole amount.

How easy is it to transfer monies from a Turkish bank to a UK bank, how long will that transfer take and what are the likely costs.

Thanks.

gozomark

Since it’s earning about 15% and with the falling pound we intend to leave it there until such time that we need it for a house purchase.

the pound is the strongest major currency in the world so far in 2009, and is up about 7% v Turkish Lira

JoeCrystal

Gozomark, I am always under impression that pounds are getting cheaper so how would you explain that pound is the strongest major currency in the world?

97trophy

JoeCrystal wrote: »

Gozomark, I am always under impression that pounds are getting cheaper so how would you explain that pound is the strongest major currency in the world?

is about the time-frame you look at.

Gozomark specifies 2009.

simpywimpy

I would contact one of the currency exchange dealers and ask them for a quote for the amount of turkish money you have in the bank and if happy with the deal, they secure it there and then and the transfer procedure is easy.

You arrange to transfer a set amount of turkish into their bank account and within days, they transfer the agreed amount of pounds into a uk account you give them the details of. There is usually no charge but do shop around.

FTTglobal.co.uk
hifx.co.uk
rationalfx.co.uk

these are just a few I can think of off hand. Personally used the first one without any problems.

Cook_County

The interest is taxable in the UK, foreign currency gains would also be taxable so you may need to factor UK tax rates into figuring the overall return.

I know nothing about investor protection in Turkey, but I assume you have considered this too.

tfmd

I am not sure if this question should be on this thread, but I can't find anything relevant to my issue.

3 years ago my husbands aunt gifted us £100,000 to help us buy a house.
Sadly she passed away at the end of last year.
She lived in Canada and she has left her house to the church. She left the contents of the house to my husband and also monies, approx £200,000.
I am unsure whether we would have to pay tax on any of this money.
I know she will have to pay tax on her estate as our friend is a financial advisor in Canada, but not sure what happens when the money is transferred into our bank account here in the UK.

Can anyone help me please?

many thanks

Cook_County

There may be foreign currency gain or losses between the date of death and remittance; beyond that there is no UK tax.