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Where Taxpayers and Advisers Meet

Will I have to pay tax on gift that was received overseas?

dorkester
Posts:1
Joined:Wed Dec 29, 2021 11:41 pm
Will I have to pay tax on gift that was received overseas?

Postby dorkester » Wed Dec 29, 2021 11:55 pm

Hi!

My question is if I were to receive a gift of around £90,000 in an EU country, where there isn't any tax on gifts, would I be able to transfer it to my UK bank account tax free?

The money would come from a relative from the sale of a property, so it can be traced very clearly, and it would be used as a down payment on a property in the UK. i.e the money would go: overseas buyer->overseas relative's account-> my overseas account-> my UK account.

Also, does anyone know if this would impact applying for a mortgage in any way?

Thanks!

pawncob
Posts:4876
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Will I have to pay tax on gift that was received overseas?

Postby pawncob » Thu Dec 30, 2021 11:45 am

Apart from MLR considerations, there shouldn't be any UK tax problems.
With a pinch of salt take what I say, but don't exceed your RDA


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