Gift from Parents in Italy

[jlsimmo]

Hi,

My friend is an Italian National who is here in the UK as an expatriate (been here 18mths, will probably stay a further 18mths). He has been given a sum of money by his parents (about 250K euros) and wants to be able to bring this money to the UK in order to invest in either a property (which would be his main home) or in equities.

My question is: what sort of taxes will apply to this money if it is brought to the UK and are there any ways of minimising this. Is there also a limit above which taxes are paid?

I am not sure if this has been posted in the correct area - Inheritance Tax - but it seemed the most appropriate.

Also - if there are any Italian/English tax specialists out there, please get in touch.

Many thanks in advance.

[Taxbar]

It looks like he will be non-domiciled in the UK and should therefore keep the money offshore and invest offshore to avoid UK CGT on equities.

If he buys a house for own occupation he can consider remitting the money ,but he might be better with an offshore mortgage secured on a deposit offshore.

Daniel Feingold
STP
info@stratax.co.uk