Monetary gift from abroad

Asli

Hello everyone, I would be grateful if you could offer some advice please. As a single parent with low income I have had various challenges with housing. Has been frustrating but now there is some light at the end of the tunnel:) A non-uk relative (Turkey) is willing to gift me £200.000 towards buying a property. My question is that as a British citizen (dual nationality) and resident, am I allowed to receive such amount with/without cuts. If there are cuts how to minimise them as this amount can just get a tiny property where I am based and  I would like to make the most of it.  The relative will sort out his tax issues in his own country. Would you suggest to seek professional advice? if so from where?  Many thanks for your time and any advice/experience you may share. 

Keep_pedalling

There is no gift tax in the U.K. so there will be no tax on the gift. The main issue you face is the question of checks for money laundering. You should inform your bank in advance that the money is being transferred, and the solicitor who deals with the house purchase is going to need proof of the source of where the money came from, so your relative is going to have to provide evidence that the source of the money is clean. 

HappyHarry

There is no tax on gifts in the UK, so nothing to worry about.

Such capital may affect any benefits you may be claiming.

You may want to have discussions with your bank before such money arrives, so they can be reassured that everything is above board.