Money gift from Indian father to son with UK passport

sunib

Hi,

  Father in India wants to gift £ 50,000 to son in UK (who has British passport) for buying property.

 I am getting a letter from a Indian chartered accountant stating the source of the funds and tax paid in India.

  Is this gift taxable ?

 Any idea on how much money can be gifted in a financial year?

Thanks

MattMattMattUK

Gifts are not taxable provided the person gifting the money does not die within seven years, there are no limits. You should get a UK solicitor involved, you will need an audit trail to show that the money is fully legitimate and is legally a gift, otherwise you run the risk of it triggering and potentially falling foul of anti money-laundering legislation (which may mean it could be temporarily frozen or even confiscated) and it would also be incredibly difficult, if not impossible to use it as a deposit for a house purchase.

Thrugelmir

For money laundering purposes. A letter from an accountant may not suffice. Far more information and documentation may be required, i.e. a full audit trail.