Cash gift of €50,000

nkomp18

Hello,

My mom would like to send me €50,000 as a gift, but I'm a high earner and worried there might be tax implications.

This isn't inheritance, as she's still young. She's based in an EU country.

The information online is super confusing, especially as this isn't inheritance, it's just a gift.
From what I understand she can send £325k tax free, but I want to confirm that.

Thanks

TadleyBaggie

This question asked almost daily. See this thread: https://forums.moneysavingexpert.com/discussion/5862527/receiving-gift-money-from-the-uk-and-abroad

nkomp18

Oh great, sounds like it's cool.
In the thread you sent the person lives in Scotland and the money are coming from a UK account.
In my case I'm in London and money are coming from EU country. But I suppose it's still okay

Keep_pedalling

Which EU country? Some, like France, impose a gift tax which could be payable by your mother.

nkomp18

Scotland has different laws, I thought you knew?

Anyway, look it up.

Keep_pedalling

nkomp18 wrote: »

Scotland has different laws, I thought you knew?

Anyway, look it up.

Not as far as gift tax is concerned, and you still have not answered the question about which EU country the money is coming from.

nkomp18

Germany. I think she said there's no tax on her side, because she already paid tax on this money to earn it. Not sure though

Keep_pedalling

I don!!!8217;t think Germany imposes a gift tax, although it may lower exemptions for inheritance tax on her estate.

nkomp18

Excellent, thanks guys

kinger101

nkomp18 wrote: »

Germany. I think she said there's no tax on her side, because she already paid tax on this money to earn it. Not sure though

That's not a reason for no IHT or gift tax to be due. Many taxes are levied on money which has already been subjected to income taxes. VAT for example.

xylophone

https://www.expatica.com/de/finance/Inheritance-tax-in-Germany_108115.html