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Where Taxpayers and Advisers Meet

Moneygift from oversees

marcin_skw
Posts:2
Joined:Sat Apr 30, 2022 7:42 am
Moneygift from oversees

Postby marcin_skw » Sat Apr 30, 2022 7:43 am

Hi.

My mum that lives oversees (Poland) wants to give me quite big moneygift. The money would be sent to my Polish bank account and none of it would be transfered to UK bank. My questions are:

1. Do I need to declare that to HMRC? If so when? Is there any time frame?
2. Will I have to pay tax on it if my mum dies within 7 years (same as all UK moneygifts) or are oversees moneygifts free from any taxes?
3. If I do or I dont have to declare it or pay tax on it can you please quote a law confirming it?


Cheers and thank you

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Moneygift from oversees

Postby bd6759 » Sat Apr 30, 2022 12:02 pm

No
No
No (because there is no gift tax, there no law saying there isn’t one)

marcin_skw
Posts:2
Joined:Sat Apr 30, 2022 7:42 am

Re: Moneygift from oversees

Postby marcin_skw » Sat Apr 30, 2022 12:15 pm

I checked on gov site and its not that simple

https://www.gov.uk/inheritance-tax/gifts

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

Re: Moneygift from oversees

Postby darthblingbling » Sat Apr 30, 2022 1:40 pm

It is that simple.

Unless your Mum is UK domiciled I cannot see any UK tax implications. Your link is for giving gifts, not receiving

She might have Polish implications, but this isn't a Polish tax forum.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Moneygift from oversees

Postby bd6759 » Sat Apr 30, 2022 3:48 pm

UK’s finances would be in a much better position if we could impose IHT on everybody in the world.


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