Hello all,
I am a non UK resident living overseas. I am looking to gift my son £150,000 from my Sterling account in Amsterdam (all taxes paid). My son is a UK resident paying taxes there.
Now I understand that a cash gift from a non-resident/domicile will not usually attract IHT if I died in the 7 year period, but what if that cash gift is already in 'Sterling' before being transferred to the UK? Will that make a difference? Will it be considered UK domestic money because it is in Sterling? (for example where the bank holds the account I don't know)
I could convert it to Dollars or Euros first then send (and have him convert it back into pounds) but what a waste of money with the fallen exchange rates!
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