Tax Forum :: Free Tax Advice

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?

Don't all reply at once please guys

Yes, depends, yes, yes, yes.

Yes, depends, yes, yes, yes.

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

Help please

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.

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.

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?

Any help appreciated guys

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.