UK Tax Questions? Ask a UK Tax Advisor for answers ASAP
Our father passed away suddenly so did not leave a will. We were beneficiaries to the land. brother and I were put on the property deeds officiallly a few years after he died around 1991. We were both under 12 and the land was transferred into my mother's name as well at the time who was now a widow.
The land is overseas in Pakistan. We now want to sell the plot of land. Would our plans for any potential proceeds affect potential CGT? My brother was thinking of buying a flat with some or all of the proceeds. If mother said all the proceeds could be given to myself and brother are there even inheritance tax issues?
My brother and I were born in the UK, raised in the UK and lived here always as UK citizens.. Mother moved to UK from Pakistan over 35 years ago and is UK citizen now. Father moved to UK, studied here and became British citizen.
My brother would like to buy a flat in the UK. Our family home is in my mother's name where myself and her are based. Brother rents his own flat and would like to now own a flat of his own
the land has increased in value
father purchased the plot for around 250 thousand rupees in 1985 ( i don't know how much that was in british pounds then) or how much in 1991
now the offers coming in are in the region of 80 million rupees which is in the region of 480 thousand british pounds on present exchange rate