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Query of sum transferred from abroad

Posted: Mon Nov 12, 2018 7:43 pm
by jionick
Hi,

I am originally from Italy but resident and domiciled in the UK since many years. I recently received a 90k sum from my parents to help buying a property. This came from their regular savings and was processed via international bank transfer.

I am not sure if I would incur in any tax implications on this amount and if and how I should declare it with HM Revenues.

At the time of the transfer, both banks there would be no tax implications but I would like to confirm it to ensure I am compliant with rules.

Any help would be much appreciated.
Thanks!

Re: Query of sum transferred from abroad

Posted: Wed Nov 14, 2018 11:08 am
by AGoodman
No, no taxes on a gift.

Assuming your parents are domiciled elsewhere (Italy presumably), there is no risk of UK IHT either - the gift would be excluded property.

Re: Query of sum transferred from abroad

Posted: Wed Nov 14, 2018 11:55 am
by jionick
Perfect. Many thanks for your quick reply.
Giovanni