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    seeafish
    Receiving a large sum from overseas - Tax implications?
    • #1
    • 25th Aug 11, 11:45 AM
    Receiving a large sum from overseas - Tax implications? 25th Aug 11 at 11:45 AM
    New to the forums so hello everyone!

    I've been scratching my head for hours trying to find out the laws on taxation when it comes to receiving, say 200,000, from overseas.

    The money will come from a piece of land owned jointly by my father-in-law and my wife. My wife's name is only on the deed, she didn't actually pay for it at all. It was a wedding gift from my father-in-law.

    * will this count a gift? If so, is it taxable and by how much?
    * how does one go about transferring such a large sum to the UK? Simple bank transfer?

    Thanks.
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