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Gifted from Grandparents living abroad.
Stribe
Posts: 2 Newbie
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?
Cheers.
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?
Cheers.
0
Comments
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Which country will the money be originating from?
For large sums a letter will not suffice. The source will need to be evidenced clearly.0 -
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.0
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