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Posted Mon, 02 Oct 2023 10:30:51 GMT by
Hello, I am a UK citizen and UK resident. I have elderly parents in Pakistan and would like to open joint accounts with my mother in Pakistan. The accounts currently have no interest paid on them. I would also like to transfer some money to the UK from the joint accounts. Can I do this and what are the tax implications? Thank you
Posted Fri, 06 Oct 2023 06:10:48 GMT by HMRC Admin 25
Hi F L,
Yes, you can do this if the banks allow it.
There is no tax implication on the transfer of the cpaital but you will need to declare any interest that is generated.
Thank you. 

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