Cash buyer question

Mabsa_guy

Hi all, I am originally from Portugal and I've been living in the UK for almost 10 years, I have British citizenship and I am domiciled in the UK.

I am in the process of buying my first place and luckily I can be a cash buyer. My parents want to help me buy my first home here and want to give me £100K from their savings and we talked about just transferring the amount from their account outside the UK to my Uk current account. In addition, £40k will come from my Portuguese bank account with some savings from when I worked there. And finally, the final £100k will come from my UK savings over the last 10 years.

Is there any tax responsibility I have to follow to transfer the money from my parents' bank account abroad to my UK account or to transfer the money from my own Portuguese bank account to my UK account? Would I be taxed on the amounts transfered abroad? Any advice on how to transfer it?

Thanks all for your time and answers.

propertyrental

I don't believe there are any tax implications in transferring money into the country, or in receive a cash gift.

The issue you might encounter is money laundering checks. Your conveyancer/solicitor has an obligation to ensure that the cash you are using has not come from eg drugs or people traffcklig, or any other illegal source, o expect to be quizzed as to the sources of the money.

Mabsa_guy

Thanks and that makes sense. Do you know what sort of evidence/ proof I would need to provide? Thanks again

[Deleted User]

Bank account details, from each originating source, that span a year or more - you'll have to show full details, on each account, that proves where and how the monies accumulated from and how it moved around.

jonnydeppiwish!

Mabsa_guy said:

Hi all, I am originally from Portugal and I've been living in the UK for almost 10 years, I have British citizenship and I am domiciled in the UK.

I am in the process of buying my first place and luckily I can be a cash buyer. My parents want to help me buy my first home here and want to give me £100K from their savings and we talked about just transferring the amount from their account outside the UK to my Uk current account. In addition, £40k will come from my Portuguese bank account with some savings from when I worked there. And finally, the final £100k will come from my UK savings over the last 10 years.

Is there any tax responsibility I have to follow to transfer the money from my parents' bank account abroad to my UK account or to transfer the money from my own Portuguese bank account to my UK account? Would I be taxed on the amounts transfered abroad? Any advice on how to transfer it?

Thanks all for your time and answers.

Lovely position to be in - as previously posted, expect lots of requests for bank statements and additional proof from where the funds have come from but shouldn’t be too arduous to complete. Your solicitor should have the most up to date requirements.
Good luck with your purchase!

MultiFuelBurner

As well as all the good advice above please consider getting a.house rather than an apartment,/flat. Unless a flat is your only.option.

Grizebeck

Where in UK are you looking to buy

Alderbank

Do your parents have an advogado in Portugal? If so, make sure your solicitor is aware of this. It might be more efficient in both time and money if the advogado can provide suitable assurances to your solicitor about the provenance of the portuguese gift.