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Where Taxpayers and Advisers Meet

Query of sum transferred from abroad

jionick
Posts: 2
Joined: Mon Nov 12, 2018 7:31 pm

Query of sum transferred from abroad

Postby jionick » Mon Nov 12, 2018 7:43 pm

Hi,

I am originally from Italy but resident and domiciled in the UK since many years. I recently received a 90k sum from my parents to help buying a property. This came from their regular savings and was processed via international bank transfer.

I am not sure if I would incur in any tax implications on this amount and if and how I should declare it with HM Revenues.

At the time of the transfer, both banks there would be no tax implications but I would like to confirm it to ensure I am compliant with rules.

Any help would be much appreciated.
Thanks!

AGoodman
Posts: 710
Joined: Fri May 16, 2014 3:47 pm

Re: Query of sum transferred from abroad

Postby AGoodman » Wed Nov 14, 2018 11:08 am

No, no taxes on a gift.

Assuming your parents are domiciled elsewhere (Italy presumably), there is no risk of UK IHT either - the gift would be excluded property.

jionick
Posts: 2
Joined: Mon Nov 12, 2018 7:31 pm

Re: Query of sum transferred from abroad

Postby jionick » Wed Nov 14, 2018 11:55 am

Perfect. Many thanks for your quick reply.
Giovanni


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