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Where Taxpayers and Advisers Meet

Gift Tax

karakaataran
Posts: 2
Joined: Sun Dec 23, 2018 1:14 pm

Gift Tax

Postby karakaataran » Sun Dec 23, 2018 1:22 pm

Pardon me if this question has been answered already before, I searched for this information but couldn't find it.

My father was a government employee in India, who was retired in October this year. He gave his settlement money to me and my sister. I'm considering purchasing a property in the UK using this money and understand that there isn't any tax when gifts are given to close family members. I have already obtained a legal certificate in India that states that source of the cash and its validity. So:

Will I be taxed in the UK?
What process should be followed to deposit this cash in my UK bank account? Is there any special type of account thats needed or just a bank transfer from dad's india account to my UK bank account is enough?
I understand that I need to show this legal certificate to the solicitor when the house purchase is going to happen.
Should I contact HMRC or any other legal entity to inform about this transfer?

Thank you and respectfully

karakaataran
Posts: 2
Joined: Sun Dec 23, 2018 1:14 pm

Re: Gift Tax

Postby karakaataran » Tue Dec 25, 2018 9:54 pm

.

bd6759
Posts: 3010
Joined: Sat Feb 01, 2014 3:26 pm

Re: Gift Tax

Postby bd6759 » Fri Dec 28, 2018 12:59 am

Pardon me if this question has been answered already before, I searched for this information but couldn't find it.
Similar questions are asked twice a month.

There is no gift tax as such in the UK. Just keep whatever documentation you have in case hyou need to show the source of the money.


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