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Tax on gift from French mother?
mightyjojo
Posts: 23 Forumite
in Cutting tax
Hi all,
I hope I'm not repeating a question that's already been answered, I've had a quick look through the inheritance tax section, but I'm still confused as to how/if it would apply to me!
Basically, my mom would like to gift me £5k-£30k to help me remortgage. I'm half-British, half-French and resident in the UK. She's French and not resident in the UK. Under French law there's no tax to pay because it's a gift from parent to child. Do I need to pay tax in the UK for this? If so, is there a threshold?
Many thanks for any responses!
I hope I'm not repeating a question that's already been answered, I've had a quick look through the inheritance tax section, but I'm still confused as to how/if it would apply to me!
Basically, my mom would like to gift me £5k-£30k to help me remortgage. I'm half-British, half-French and resident in the UK. She's French and not resident in the UK. Under French law there's no tax to pay because it's a gift from parent to child. Do I need to pay tax in the UK for this? If so, is there a threshold?
Many thanks for any responses!
0
Comments
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Gifts are not subject to tax in the UK, although I'm not sure if this applies to gifts from abroad.
I'm not sure how this works with regards to inheritance tax - I assume that her estate would be settled in France and therefore any taxes would be levied by the French government.0 -
Gifts are not subject to tax in the UK, whether the gift is from abroad or not.0
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kippen_noedel wrote: »Doesn't the 7 year rule potentially apply ? or has IHT changed to exempt gfts ?
No - there is no UK estate to charge IHT on. French law rules OK.0 -
Well that's a relief! Thanks all for your responses
0
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