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Where Taxpayers and Advisers Meet

Money gifted from abroad

gdarmst0
Posts: 2
Joined: Tue Jun 30, 2009 12:14 pm

Money gifted from abroad

Postby gdarmst0 » Fri Apr 19, 2019 8:29 am

Hello,

My partner and I are UK taxpayers. Her parents who are foreign and live in another country wish to gift us money to help support and establish us in our new home. my understanding is that it will be a few thousands pounds per month for an unspecified time frame. Is there any UK taxes or declarations that need to be made on this income? I understand that UK based gifts would be subject to inheritance tax but I dont think that would apply in this instance would it?

Many Thanks.

darthblingbling
Posts: 212
Joined: Wed Aug 02, 2017 9:09 pm

Re: Money gifted from abroad

Postby darthblingbling » Fri Apr 19, 2019 8:32 am

Not taxable

JRG
Posts: 414
Joined: Wed Feb 03, 2010 4:40 pm

Re: Money gifted from abroad

Postby JRG » Sat Apr 20, 2019 12:54 am

Under the UK's Money Laundering provisions you might be required to validate the source of these regular transfers from abroad. I would suggest that you contact your UK bank for advice on this matter.


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