Transfer of £'s to Brazil

Rodneysmummy

A family member living in Brazil has recently inherited about £110k in the UK. Although they have a UK passport they are not resident in the UK. They tell me that the taxes incurred and bureaucracy involved when bringing in £sterling to Brazil make it a nightmare but I don't know if this is true!. They have a UK bank account and draw down from that through an ATM in Brazil!
Naturally it would seem wise to invest the £110k somewhere but where?! If its in the UK one is limited due to non residency. Could the money be transferred to Brazil without fuss or is the story they tell about problems with that correct?
Investing in the UK is, I think, limited to NS&I stuff. What about tax liability? Oh, its so complicated, and I don't want to advise them and find they get the force of the law knocking at their door! Any advice would be most welcome.

xylophone

The beneficiary has a UK bank account so the inheritance can be credited to it - presumably the executor can be given the necessary details by the beneficiary who might wish to advise his bank of the amount expected and its source.

http://www.investmentinternational.com/faqs/general/faqs.html might be worth a look.

http://www.hmrc.gov.uk/manuals/saimmanual/saim1170.htm

http://the-international-investor.com/2011/uk-stock-broker-accounts-nonresidents

He can search the internet for savings for non-residents.

Rodneysmummy

Thank you Xylophone - I'll sit down and read all the links tomorrow - its due to rain so that makes staying indoors so much easier! The money will go into the UK bank account - its just we need the money to make interest and the tax implications are complicated. Do you know if you get taxed on an interest paying bank account in the UK if you live abroad - I feel a tax return coming on!