Receiving Foreign gift money

deepam

Hi,

I am to receive a sum of £200k as a gift from a non blood relation. I know that there are no tax implications in U.K.

1. what documentation should I have to proove that it's not my income but a gift?
2. The person transferring the money owns a company in Dubai. Is it a problem if the money is transferred from his company account instead of his personal account?

Savvy_Sue

I'd suggest a letter from the donor. No idea if it's a problem if it comes from a company account, can't see that it would be at this end: I'd have thought that was a question for him to answer.

Please tell me this isn't in response to an email telling you that your long lost cousin's half-sister's niece by marriage (or similar) has died with no relations other than you?

Or that all you have to do is give this kind person your bank details and £200 for the administrative fees associated with this transfer?

agrinnall

I wouldn't count on quick access to the money, I'd be astonished if it doesn't flag up some pretty serious AML checks.

McKneff

Why the busines account and not his personal account . And please dont send any money up front.

Ife asks for , walk away, fast

deepam

I understand. It should be his personal account otherwise does not sound right. I do not want any trouble. Nothing is worth it.

By the way, what is lfe?

Savvy_Sue

deepam wrote: »

By the way, what is lfe?

I'm guessing it's a mistype of 'If he ...' - I am clearly not the only cynical person here, and I hope my misgivings are unfounded!

xylophone

https://forums.moneysavingexpert.com/discussion/comment/71017320#Comment_71017320

The previous posts relate to a loan of £100,000 from a relative abroad.

However, loan or gift, it would certainly be wise for the OP to tell his bank and ask if any documentation regarding the source of funds will be required.

laticsforlife

Don't know about the whole 'no tax implications in the UK'.


Why would a non-relation send you £200k for nothing; not that it's our business and it may be perfectly legitimate but it does sound a tad fishy (maybe I'm being overly cynical/suspicious).


An often used excuse for money in the bank is that a friend/relative/employee 'gave/gifted' it, rather than it is actually the person's own money that they managed to squirrel away in Dubai in the first place and then had sent back to the UK in the guise of a loan/gift.


In other words they were involved in tax evasion, and hoped to expect HMRC believe that a total stranger/relative/mate would give them wads of money just for the good of it!!


Paperwork, paperwork, paperwork is the best advice I can give, and keep it for at least 6 years.

Bluebirdman_of_Alcathays

How did the 100k turn into 200k so quickly?!

Brock_and_Roll

laticsforlife wrote: »

Don't know about the whole 'no tax implications in the UK'.


Why would a non-relation send you £200k for nothing; not that it's our business and it may be perfectly legitimate but it does sound a tad fishy (maybe I'm being overly cynical/suspicious).


An often used excuse for money in the bank is that a friend/relative/employee 'gave/gifted' it, rather than it is actually the person's own money that they managed to squirrel away in Dubai in the first place and then had sent back to the UK in the guise of a loan/gift.


In other words they were involved in tax evasion, and hoped to expect HMRC believe that a total stranger/relative/mate would give them wads of money just for the good of it!!


Paperwork, paperwork, paperwork is the best advice I can give, and keep it for at least 6 years.

The OP said it was a "NON BLOOD relation" i.e. it could be father-in-law etc.


Of course this relation is perfectly entitled to gift their money to a relative. If the relatives uses their company rather than their personal account to make the payment then that may be an issue for the sender and his accounts/tax but not for the recipient.


HOWEVER, as previously mentioned this is likely to raise a whole load of AML flags at the recipient bank here in the UK for if I was the OP I would speak to the bank first to see what evidence they are likely to require.

laticsforlife

Agreed, may implications.