Gift from outside UK?

chilli_burn

hi all

need some advice... i am looking to buy a house in the UK and to get the deposit together i am being given (long term loan etc) a chunk of change from family in the USA...

as far as i can tell from reading up on this, there is no tax implications, revenue or import duties on this.. am i right?

can i literally have this internationally transferred into my account (say Barclays) and then use it to put a deposit down on a mortgage without having to declare it or anything?

sorry for the blunt question... the amount is £16k

thanks
chill_burn

CLAPTON

there is no tax on cash gifts

it can be transferred directly into a bank a/c


when you apply for a mortgage then they will ask the source of your deposit: a loan will not be acceptable.

chilli_burn

thank you so much for the reply....

ok, so no tax. so the money would be a gift then...

i do not remember getting asked where the deposit came from last time i bought a house... maybe laundering laws got a bit more tight...

it is only for 9 months until some shares mature and i will be sending the money back, but timing just means i have to move now

Archi_Bald

You'll have to sign that your deposit isn't funded with a loan (standard T&Cs).

You should also advise your bank that you are expecting a larger sum of money from abroad (with details, obviously). This could help your bank to discharge their obligations under money laundering legislation, and clear the money into your account faster.

chilli_burn

ah that's makes sense thank you s much for the advice... I must have signed that last time without realising it (teaches me for not reading the instructions)

contacting the bank prior to it arriving is a great idea, I will do that when I have this confirmed... checking the Barclays website, it seems this is a pretty common occurrence and the best approach is for the sender to actually Sterling from their end, and put the fees onto the receiver for this transfer to again reduce delays...