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Where Taxpayers and Advisers Meet

Deposit from overseas

antoniotrotta
Posts:1
Joined:Tue Oct 10, 2017 1:38 pm
Deposit from overseas

Postby antoniotrotta » Tue Oct 10, 2017 1:42 pm

Hi,

I have a question regarding a potential overseas deposit to be made to a UK Euro personal bank account. My mum leaves in Venezuela. She might receive compensation from a trial she won and that the other part is considering settling by providing a sum of money.

One of the options we were evaluating is to get the counterpart to deposit the amount in my personal Euro bank account I have with HSBC.

I was wondering what are the implications that should be taken into account.
Is there any AML restriction around it?
What's the impact on my personal tax status?
Will I need to provide some sort of declaration?

Thank you in advance for your help.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Deposit from overseas

Postby maths » Wed Oct 11, 2017 1:50 pm

The receipt of monies into your bank account (I assume you are UK resident) in the UK gives rise to no UK tax on your part.

I assume it is a gift from mother?

However, if mother residing in Venezuela is entitled to settlement monies which she does not receive by simply diverting the proceeds to your account but she regards the monies as hers then money laundering issues may be in point as well as Venezuela tax/exchange control matters.


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