Advice on transferring inheritance money from foreign countries

MahK_2

Hi,
My dad is selling his house in India and wants to give away the profit money to myself and my brother. My dad will be paying capital gains tax in India for the profit amount.

My brother lives in India.

I have lived in the UK for 10 years and I have been a British citizen for 4 years now.

I want to buy a property here with my share of the money.

My question is Do I have to pay any tax in the UK?

How do I transfer the money(through bank or financial trading agencies) without paying too much in transaction charges? And what documentation is needed for it? The amount is around 100000£.

Thanks in advance for your replies.

le_loup

No tax on gifts in the UK.

agrinnall

Are there any restrictions on taking money out of India? If not, then you should look to see if there are any currency brokers, such as xe.com (lots of others available) who operate in India, as they are pretty likely to be cheaper and quicker than a local bank.

It's very likely that when the money arrives it will be held up for Anti Money Laundering checks, which may result in you being questioned as to the source of the money. A letter from your dad may be the least that is needed, and if he's using a solicitor in India for the sale it might be worth considering getting something from him as well.