This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Money gift from a non UK parent

Muriel
Posts:2
Joined:Thu Aug 05, 2021 9:15 pm
Money gift from a non UK parent

Postby Muriel » Thu Aug 05, 2021 9:21 pm

Hi all,

My parents would like to give me £40,000 for a deposit to buy a house. They are Polish citizens and don't live in the UK. I'm a UK resident, living in England. Will I have to pay tax on this? I tried to find any information online and so far I think that they will need to check if they need to pay any taxes in Poland as a donor, but I won't need to pay anything in the UK as long as I won't make any profit? Which I won't as this will all go towards the cost of the property.

Thank you for any advice or signposting.

Muriel

strawn
Posts:61
Joined:Fri Jun 01, 2012 10:11 am

Re: Money gift from a non UK parent

Postby strawn » Thu Aug 05, 2021 11:38 pm

We don't have a gift tax in the UK so you'll have no tax to pay.

Muriel
Posts:2
Joined:Thu Aug 05, 2021 9:15 pm

Re: Money gift from a non UK parent

Postby Muriel » Fri Aug 06, 2021 11:36 am

We don't have a gift tax in the UK so you'll have no tax to pay.
That's straight forward :) Thank you.


Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”

cron