Gift tax

[Lee Young]

You dont have to pay tax on it. If mum dies within 7 years the 60k will be added to her death estate and if the total amount is over the available nil rate band(s) then there will be inheritance tax on her death.

[anabethy]

You dont have to pay tax on it. If mum dies within 7 years the 60k will be added to her death estate and if the total amount is over the available nil rate band(s) then there will be inheritance tax on her death.

How does the death estate work? So it should be within those 7 years? My cousin is in the same scenario. She was given around 80.000pounds by her father and wants to buy a house with the help of that money. So you mean, it's really tax-free? Cool!

[Lee Young]

If the donor of the gift dies within 7 years AND gifts also caught in the seven years but made prior to his gift exceed the nil rate band then there will be tax to pay by the donee of the gift. Otherwise any tax liability will fall to be paid by the personal representatives of the deceased.

[sandip32p]

Hi,

I am Indian national holding permenant residenancy in the UK. My parents are livig in the India and indian national. My father wants to transfer me £45,000/- to my UK bank a/c as gift from his Indian bank a/c. So can you please any body tell me that is there any tax implication on me? do I have to pay on tax on Money I will receive? do i have to declare this money to tax money by end of the tax year? I will appreciate any one's reply.

Many Thanks,
Sandip

[mullet]

You have no tax to pay and no declaration to make as the recipient. It is wise though to retain some relevant paperwork to prove the source of the money in case it is ever questioned.

BTW, it is usually best to start a new thread - even if you are posting an associated question.

[sandip32p]

Many Thanks for your kind reply.

Sandip