Gifted money from aus into ISA?

Hi all - I’m from Australia where my mum lives but I’m currently based in the U.K. (dual citizen). She has retired and wants to slowly start regularly gifting me some money now she’s hit retirement and made a bit of money herself so she can see me enjoy it which is kind of her (she also won’t let me say no!) I was wondering if anyone knew if they’d be problems of it being paid into my ISA from her own bank card or if I opened my own bank account back up in Aus and did it. Essentially I’d want it to eventually end up in my ISA but I’m not sure what I need to watch out for in terms
of possibly tax and how closely the gov keep an eye on ISA’S in that sense. As far as I can tell UK inheritance tax here won’t come into it as the gifted is overseas and there is no inheritance tax in Australia (yup!) thoughts how best to handle this appreciated. Thanks! 

Replies

  • masonicmasonic Forumite
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    Does she have a UK bank account? It might be easiest for her to transfer money to your current account and if that is an international transfer then it might be cheapest for her to use a specialist service like Transferwise. Many ISAs do not allow direct deposits from just any account, and there will be a smaller number that would accept international bank transfers. There is no issue with saving money you have been gifted in your ISA, the only time this would become an issue is if you were letting someone else save their money in your ISA (i.e. it was not a gift).
  •  We are the same, dual hubby who's parents regularly send us money. We pay extra off the mortgage , pay in to sons child trust fund and our own isa. No questions asked. No tax for us. 
    They pay via bank  transfer to our current account and we move it. It's with us in a few hours and no fees for us. 
  • dilbydilby Forumite
    130 Posts
    Part of the Furniture 10 Posts Name Dropper
    _shel said:
     We are the same, dual hubby who's parents regularly send us money. We pay extra off the mortgage , pay in to sons child trust fund and our own isa. No questions asked. No tax for us. 
    They pay via bank  transfer to our current account and we move it. It's with us in a few hours and no fees for us. 
    Interesting, thanks so much. It probably is a better option than me re-opening an australian account up in my name; not sure if there's evidence for it but to me that seems like it might look more fishy to the hmrc. I have looked at opening an aus account and some advertise that you can do it from overseas yet require me to come into branch to sign a piece of paper 🤦🏻‍♂️
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