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Receiving a large cash gift from family abroad

solari
Posts: 14
Joined: Tue Aug 15, 2017 4:09 pm

Receiving a large cash gift from family abroad

Postby solari » Tue Oct 10, 2017 8:39 am

Hi guys,

I'm getting married soon and my family (non-UK domiciled) are planning to send me cash from abroad to help me to buy a family house here. Now let's say the sum is 500k GBP.

Will I have issues in receiving this directly from a foreign bank account into my UK current account? Would I have to worry about paying tax on it? Is somebody going to ask me questions? And if they do, am I fine to say that it was a gift from family? Do I need some paperwork to prove it?

solari
Posts: 14
Joined: Tue Aug 15, 2017 4:09 pm

Re: Receiving a large cash gift from family abroad

Postby solari » Wed Oct 11, 2017 12:32 pm

Don't all reply at once please guys

bd6759
Posts: 2284
Joined: Sat Feb 01, 2014 3:26 pm

Re: Receiving a large cash gift from family abroad

Postby bd6759 » Wed Oct 11, 2017 5:16 pm

Yes, depends, yes, yes, yes.

solari
Posts: 14
Joined: Tue Aug 15, 2017 4:09 pm

Re: Receiving a large cash gift from family abroad

Postby solari » Wed Oct 11, 2017 5:17 pm

bd6759 wrote:Yes, depends, yes, yes, yes.


Haha. Thanks. What kind of paperwork can I use to assuage/pre-empt any issues?

solari
Posts: 14
Joined: Tue Aug 15, 2017 4:09 pm

Re: Receiving a large cash gift from family abroad

Postby solari » Thu Oct 12, 2017 12:15 pm

Help please

maths
Posts: 6940
Joined: Wed Aug 06, 2008 3:25 pm

Re: Receiving a large cash gift from family abroad

Postby maths » Thu Oct 12, 2017 3:55 pm

IF HMRC enquires as to your new found wealth you could show them a signed letter from parents to you confirming that on xxxx date they have transferred to your bank account..... an outright gift of £.....

Beware that HMRC may pass such information back to the tax authorities of your parents' residence.

someone
Posts: 140
Joined: Mon Feb 13, 2017 10:09 am

Re: Receiving a large cash gift from family abroad

Postby someone » Thu Oct 12, 2017 4:39 pm

Your first problem is likely to be your solicitors enquiries about the source of the funds you are using to buy your property.

It would probably help, not only to have a signed letter stating that the money is an outright gift but also some documentation as to where the donor(s) got it from originally.

solari
Posts: 14
Joined: Tue Aug 15, 2017 4:09 pm

Re: Receiving a large cash gift from family abroad

Postby solari » Thu Oct 12, 2017 4:53 pm

Thanks.

So the issue is that it's my grandmother in Turkey - so... I can get her to sign a document but it's going to be a pretty flimsy document. And I have no idea where she got her money - it's old family savings.

Then what address does she put on the letter? Her address in Turkey? She's hardly going to be contactable!

Is it still just worth having the letter there as a formality, with her signing and her address in Turkey?

solari
Posts: 14
Joined: Tue Aug 15, 2017 4:09 pm

Re: Receiving a large cash gift from family abroad

Postby solari » Fri Oct 13, 2017 9:28 am

Any help appreciated guys

pawncob
Posts: 3926
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Receiving a large cash gift from family abroad

Postby pawncob » Fri Oct 13, 2017 10:38 am

Obviously she'd put her Turkish address on the letter of gift.If the money is transferred to a UK bank account ( and accepted) it's likely to satisfy any questions from a solicitor anxious about MLR.
With a pinch of salt take what I say, but don't exceed your RDA


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