Monetary gift from relative abroad - any UK tax due?

tim_b_

Hi Guys!

Need some advice please:

- I'm a UK citizen born-&-bred (living full time in the UK as well);
- a wealthy elderly relative (great aunt) living in Asia, who's not a UK national/citizen but has visited the UK as a visitor from time-to-time, wishes to gift me in excess of £50k;
- will the gift of money be subject to any kind of UK tax?

Thanks in advance!

ceeforcat

None - as simple as that - no gift tax in the U.K.

FTBFun

ceeforcat wrote: »

None - as simple as that - no gift tax in the U.K.

(Puts on Pedant Hat) Actually there is, as inheritance tax is also a gift tax in certain circumstances.

However its levied on the giver rather than the recipient so ultimately in this case there is no tax to pay.

ceeforcat

(even larger pedant hat) - the giver is a non-Uk citizen in this instance!

tyllwyd

But your great aunt should check that there would be no tax implications on her in the country where she lives.

McKneff

Wow, lucky you


and no tax to pay

What a lovely Aunt.

Enjoy