This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Gift received from foreign parent

Mnishar
Posts:1
Joined:Thu Jun 08, 2017 8:49 am
Gift received from foreign parent

Postby Mnishar » Thu Jun 08, 2017 9:09 am

Hi team,

I am uk domiciled person born in india. My father ( india domiciled) want to gift me around £100000 via international bank transfer towards deposit of my house purchased in uk.

As I understand foreign gift doesn't attract inheritance tax or any other tax , is this right understanding

Do I need to declare this money in my self assessment?

If no need to be declared then do I need to maintain any documents for the same ?

AmanSood
Posts:216
Joined:Mon Jan 09, 2017 4:12 pm

Re: Gift received from foreign parent

Postby AmanSood » Mon Jun 12, 2017 10:14 pm

No need to declare the gift on your UK self assessment on the assumption that it's not UK sourced.
Advising on UK employment, expatriate and personal taxes
aman.sood@e-taxconsulting.com.
+44 (0) 207 846 0155

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Gift received from foreign parent

Postby pawncob » Tue Jun 13, 2017 11:12 am

It's advisable to keep any evidence of the gift that you may have, just in case MLR raises its head.
With a pinch of salt take what I say, but don't exceed your RDA


Return to “International Tax”