Tax on Receiving Cash gift from EEU
jwan89
Posts: 1 Newbie
I wonder if anyone has any advice please. My sister is a Swedish National living in Sweden, she wants to gift my daughter lump sum to my daughter, who is 18 years British National and lives in Britain starting university in September this year to help her with university tuition fees and living expenses during her university course,
1- is there a limit to the amount of cash that is allowed to be received as a gift from a relative?
2- does my daughter needs to fill any form to be submitted to the bank/ HMRC?
3- does my daughter has to pay tax for receiving this?
1- is there a limit to the amount of cash that is allowed to be received as a gift from a relative?
2- does my daughter needs to fill any form to be submitted to the bank/ HMRC?
3- does my daughter has to pay tax for receiving this?
4- if my sister dies does the 7 years inheritance rule apply considering that according to the Swedish law there is no inheritance tax to be paid?
0
Comments
-
In the UK, there is no limit on the amount of cash you can receive and there is no tax to pay. The gift will be subject to whatever the Swedish inheritance tax rules say about lifetime transfers.
1 -
jwan89 said:I wonder if anyone has any advice please. My sister is a Swedish National living in Sweden, she wants to gift my daughter lump sum to my daughter, who is 18 years British National and lives in Britain starting university in September this year to help her with university tuition fees and living expenses during her university course,
1- is there a limit to the amount of cash that is allowed to be received as a gift from a relative?
2- does my daughter needs to fill any form to be submitted to the bank/ HMRC?Signature removed for peace of mind0 -
I would check with the bank. We had a similar case and our bank just asked us on who gifted the money. Once we answered, they were happy to let us deposit it.0
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards