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Posted Sat, 05 Mar 2022 03:03:06 GMT by Flucf7
I am a UK citizen and resident. Can I have a joint current account in Pakistan with my elderly mother who is a non UK citizen and resides in Pakistan? The funds in the account are 100% from my mother, for her benefit and I would derive no interest from these funds. Do I need to declare this account on my tax return. Thanks
Posted Mon, 07 Mar 2022 12:26:49 GMT by HMRC Admin 2

As a joint owner you would need to declare your half of any interest accrued. 

Thank you.
Posted Mon, 07 Mar 2022 17:39:05 GMT by Flucf7
In the event my mother passes, can I transfer the funds in the account to my single account in the UK. All the funds in the joint account are sourced from my mother. If there is no interest earned in the joint account overseas, do I need to declare these funds on my UK tax return? Thank you
Posted Tue, 08 Mar 2022 09:59:13 GMT by HMRC Admin 17

You do not need to declare capital from a bank account, only the interest.

If no interest is earned then nothing needs to be reported. 

Thank you.

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