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Where Taxpayers and Advisers Meet

Gift to parents and sibling

thrall
Posts:1
Joined:Wed Sep 15, 2021 4:49 pm
Gift to parents and sibling

Postby thrall » Fri Oct 01, 2021 10:42 pm

I want to gift a car (or atleast contribute) to my parents based in India. There is not tax in India in such gift irrespective of the amount.

Do I need to declare anything in UK and any tax implications?

Also if is send them monthly transfers of £500 for maintenance, healthcare is there any tax implication or limit?

Thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Gift to parents and sibling

Postby pawncob » Sat Oct 02, 2021 7:42 pm

No, you don't have to worry until you reach the IHT threshold. (£325k)
With a pinch of salt take what I say, but don't exceed your RDA


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