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IHT & PET Allowance query
tomatolefty
Posts: 2 Newbie
in Cutting tax
Hi
I'm a full UK resident but my Father (Whom recently died) & his wife have lived in Australia for over ten years now. The estate has been dealt with other there but my stepmom wanted to send a sizable chunk of money to our family here. I was wondering what the tax implications would be of either a taxable gift being sent from Australia to me or a non-interest loan. Would this be taxable as income if so what would be the easiest way to spread payment from Oz between myself & my wife to lower any taxes?
Soz its a bit long winded
Cheers:beer:
Tomatolefty
I'm a full UK resident but my Father (Whom recently died) & his wife have lived in Australia for over ten years now. The estate has been dealt with other there but my stepmom wanted to send a sizable chunk of money to our family here. I was wondering what the tax implications would be of either a taxable gift being sent from Australia to me or a non-interest loan. Would this be taxable as income if so what would be the easiest way to spread payment from Oz between myself & my wife to lower any taxes?
Soz its a bit long winded
Cheers:beer:
Tomatolefty
0
Comments
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Can only advise on the UK tax position whcih is that there would be no liability on you as there is no Gift Tax in the UK.£705,000 raised by client groups in the past 18 mths :beer:0
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Is it really that simple? Do you know anything about tax credits, I have claimed some this year do I need to inform them of the change and would I be liable for repayment etc.0
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