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Nayyar
nayyar
Posts: 1 Newbie
I don't know if this the right forum but I need to discover from others if there are Tax implications, for me, if my parents ( who live in Taiwan and are Taiwanese)send me money to purchase a house in London for my family? I am Taiwanese resident in the UK with my husband who is a British National.
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Comments
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There are no tax implications other than on interest earned in a bank/savings account until you spend it on the property.0
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For you, no - we don't have gift tax in the UK.
I'd expect the solicitor to want some evidence that the money actually did come from your parents (for anti money laundering purposes).0 -
We have just done exactly the same thing, although within this country. The solicitor wanted evidence and ID from my mother in law who has given us the money and also something in writing to state that she had no ownership of the property in making the gift.
I think some mortgage companies have an issue with it, but ours, First Direct seemed completely not fussed.0
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