I am a UK citizen who has some land in the north of Cyprus (TRNC).
I am in the process of applying for compensation for loss of use of this land through the TRNC Immovable Property Commission (IPC). This commission was set up in 2005 to deal with such claims and is approved by the European Court of Human Rights and has been in full operation since March 2006.
If the claim for compensation is successful any monies would be initially deposited in a TRNC bank.
I would like to know whether I would have to declare these monies to HMRC or the bank when I transfer it to the UK? Will I have to pay tax over it?