Mortgage Deposit - International Money Transfer

jaygatsby

Hi everybody

I am buying my first property in the UK. To help, my parents have decided to contribute some of the money for the purchase. As they are based abroad, they will send EUR to my EUR current account which I have open beside my GBP account at a UK bank. I will then do the currency exchange myself.

My question is whether there are any implications of my parents sending me this money from a foreign country (member of EU though) to the UK? Any tax / customs implications? The cash will be a pure gift i.e. they will not claim any repayment nor is it a result of me working for them i.e. it is not my income. The sum is approximately £200,000.

Anyone with a similar experience of transferring money internationally? Any comments / insight will be greatly appreciated.

Thanks

Thrugelmir

Money laundering regulations may well require the receiving bank to investigate the transfer.

jaygatsby

Thanks for your response - would you happen to know how would this investigation look like?