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    • Stribe
    • By Stribe 9th Oct 17, 5:24 PM
    • 2Posts
    • 1Thanks
    Gifted from Grandparents living abroad.
    • #1
    • 9th Oct 17, 5:24 PM
    Gifted from Grandparents living abroad. 9th Oct 17 at 5:24 PM
    Hi folks!

    So, I was reading through the forum and other websites to get a better insight about being a first-time buyer and was discussing this with my family members whilst abroad. My Grandfather has stated that he is happy to send over 70k as a gift - essentially for the deposit - but he wasn't too sure about the tax implications in the UK ( frankly, neither do I! ). Based on reading a few things, I assume that no Inheritance tax will be applied, since my grandfather does not reside in the UK and is not a British Citizen. He will be writing a letter to confirm that the money is a gift and not a loan. Is this correct?

    Also, he wanted to send over a monthly amount of money to my younger family member, who is about to start Uni...Is there a certain threshold on how much he can give on a monthly basis or can he send any amount on a monthly basis?

Page 1
    • Thrugelmir
    • By Thrugelmir 9th Oct 17, 5:28 PM
    • 55,569 Posts
    • 48,942 Thanks
    • #2
    • 9th Oct 17, 5:28 PM
    • #2
    • 9th Oct 17, 5:28 PM
    Which country will the money be originating from?

    For large sums a letter will not suffice. The source will need to be evidenced clearly.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Stribe
    • By Stribe 9th Oct 17, 5:49 PM
    • 2 Posts
    • 1 Thanks
    • #3
    • 9th Oct 17, 5:49 PM
    • #3
    • 9th Oct 17, 5:49 PM
    The money will be coming from Kenya.

    I guessed a letter wouldn't have been enough, but giving all the required statements wouldn't be an issue.
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