Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi and welcome to JustAnswer. I’m Mo Barrie, Qualified Accountant and Tax Expert. I’m currently reviewing your question and will respond to you shortly.
Thank you for your patience.
Kindly state the nature of your question?
How have you arrived at the funds in India?
Are you a Uk resident and UK Domicile?
Great. Thank you for this information.
As your name is ***** ***** bank account, and you are a UK resident, you are required to file a tax return declaring the interest on the income, if any.
I suspect you have received a digital disclosure letter from HMRC, requiring you to declare your foreign earnings. Would that be correct?
Do you live in the UK or abroad?
You would be taxed on the profit or in your case on the income received as you don’t have expenses.
The income tax rate is in the link below:
I hope that this completes your question for today.
Sorry don’t understand your question.
Your dad has 20000. And you become a joint owner. The funds will still be your dads until it’s gifted to you.
Gift over 3k would be subject to inheritance tax.
Thank you for the inquiry. It is my pleasure to assist you today.