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Where Taxpayers and Advisers Meet

Money from overseas

Rei
Posts:2
Joined:Mon Aug 21, 2017 12:35 pm
Money from overseas

Postby Rei » Mon Aug 21, 2017 12:41 pm

Hi, I apologise in advance if this is in the wrong section.
I'm Italian and I've been living in UK for the past 3 years
I have a UK bank account and sometimes my father send money on it to help me with the expenses.
My question is do thus money need to be declared to the HRMC and get taxed?

Also if my father want to help me buying a house here and send some money between £40000 and £80000 how should I proceed? Do they still have to be declared even though they won't stay on my account as saving but will be spent?

Thank you to anyone who would answer my questions.

Rei

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: Money from overseas

Postby darthblingbling » Mon Aug 21, 2017 2:00 pm

As long as it's capital and not income, it shouldn't be taxable.

However, your father may be falling foul of any gift tax rules they have in Italy as gifts of £40 or £50k are pretty substantial. He should get this confirmed.

Rei
Posts:2
Joined:Mon Aug 21, 2017 12:35 pm

Re: Money from overseas

Postby Rei » Mon Aug 21, 2017 2:13 pm

Thank you for the answer just to make sure does this means that the inheritance tax in uk doesn't apply to my case?

darthblingbling
Posts:698
Joined:Wed Aug 02, 2017 9:09 pm

Re: Money from overseas

Postby darthblingbling » Mon Aug 21, 2017 4:35 pm

Should be fine if it's just cash


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