I am confused about gifting rules related to foreign funds abroad. HMRC changes these laws all the time, so I am not sure if what applied in the past is still relevant. Could someone please clarify what the current tax situation is when a non-domicile UK resident individual transfers cash from a mixed fund account located abroad as a gift to his UK resident adult daughter. The transfer would be to her account abroad, and then the daughter brings the funds into the UK. The donor does not in any way benefit from the gift.
Four questions:
1) Are there any tax implications for the donor or the receipient related to this gift.
2) Do the funds have to be transferred to the recipient to an account abroad, or can they be transfered directly into her UK account.
3) If the funds are donated abroad from a non-dom donor, do they still count as a PET
4) If the donor dies within 7 years, and in that time has become deemed domicile, will this gift be considered part of his estate?
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