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Where Taxpayers and Advisers Meet

Cash Gifts from Family Members Abroad

Wilvanderkampen
Posts:1
Joined:Thu May 11, 2017 3:27 pm
Re: Cash Gifts from Family Members Abroad

Postby Wilvanderkampen » Thu May 11, 2017 3:41 pm

Hello,
I realise this is an older post, but maybe one (or more) of you can help me out, now in 2017.
I am the parent of a son who has been living in the UK for almost 12 years now and is living with his girlfriend who has the UK nationality. They are thinking of buying a house together and I would love to support them. I am not sure if tax regulations has been changed since the last post on this subject. Because if it hasn't changed I could support my son better than I expected. Can anyone of you give me the information on any changes on this subject?
It's my son's greatest wish is to spend the rest of his life in the UK with his girlfriend, but we, of course, don't know what Brexit will mean to them. I suppose they can get married to give him the possibility to stay in the UK, but if in any case they cannot stay in the UK and will have to move back here I suppose he only has to deal with our tax system?
I really hope someone is able to give me some answers.
Thanks a lot,
Wil

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Cash Gifts from Family Members Abroad

Postby bd6759 » Thu May 11, 2017 5:54 pm

Nothing has changed. There is no tax on gifts, but it is well to document the gift and the source of funds in case anyone at HMRC asks where the money came from.

vincenttom
Posts:1
Joined:Thu Jan 11, 2018 1:26 pm

Re: Cash Gifts from Family Members Abroad

Postby vincenttom » Thu Jan 11, 2018 1:39 pm

Hello to all the member,

I had read though many posts and different information about cash gift from family members abroad (outside EU).

I would want to know do I need to account for any tax or is there a limit per year for my mum as a family member sending me cash gift for supporting my business trading expenses in UK.

I buy things in UK and send it outside EU for my customers but those customers pay my mum.

I can not find any information from the HMRC website.

As long as i document the gift and the source of funds and I will be fine?

Thanks a lot.


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