I am UK citizen from 1991/2 and my mum became UK citizen from about 1996. She also hols a Bumese citizenship.
I believe the proceeds of the land can be deposited in an offshore account and declared to HMRC and not bring it to UK so no UK tax will be applied, is rthat correct? What if the proceeds are shared out between my four brothers and myself?
What makes this complicated is the fact that according to the government there the land has no deeds as such nobody owns it. My Uncle who lives on one half of our land for over 50 years said he had paid my late father to acquired it over 50 years ago. He tried to sell his half of the land in the past but without the deeds, he failed. Just over a year ago all my family went back to sort out this with a lawyer and my Uncle had agreed to sign and let my mother applied the deeds from the government. My mother has recently been granted the deeds to the whole of the land at a cost (Stamp duty, government fees etc) about US$400,000 which is paid for by an agent which we must pay back with interest. Also my Uncle as a sit-in tenant will have to be compensated. In a country where deals are made without proper paper
work it is difficult to prove how much cost and deductions need to make from the final sales figure. My question is does HMRC expect to see the sales figure as the final figure or other payoffs can be written off from the liable tax deduction? The land was accuired in 1962 and my mother arrived here in UK in 1974, so the capital gains tax should not be applied to those 12 years.
At the moment the government there is charging 10% sales Tax and 30% purchase Tax on land and properties above US$200,000. This has to be taken into account of any potential deals. My mother's land is valued at approximately US$8,000,000.