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Tax Advice for £12000 gift from parents in EU
Chigeroo
Posts: 1 Newbie
Hi All,
Just looking for some advice. We've been lucky enough to receive £12,000 from my parents in Ireland to help us move house. Does anyone know of the tax implications of this?
We received a similar amount from them when we bought our current place and only had to get a letter from them stating that it was a gift and would not be required to be paid back. Would it be the same case here?
Many thanks for any help out there, don't want to get stung for a tax bill or similar!
Just looking for some advice. We've been lucky enough to receive £12,000 from my parents in Ireland to help us move house. Does anyone know of the tax implications of this?
We received a similar amount from them when we bought our current place and only had to get a letter from them stating that it was a gift and would not be required to be paid back. Would it be the same case here?
Many thanks for any help out there, don't want to get stung for a tax bill or similar!
0
Comments
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No tax implications for you. Might be some for parents but that's an Irish matter...
Similar process re gift letter again but you need your lender to agree that part of your deposit can come from a gift.0 -
there is no tax payable by a person in the UK receiving a gift of money from anyone whether the giver lives in the Uk or abroad
the person making the gift may have tax implications depending on where they live, for example it would have Inheritance Tax implications for their own estate. But as your parents are living in Ireland and are alive that is neither relevant nor your problem!0 -
There is a gift tax in Eire - the parents should check if it applies?
http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html0
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