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Gift

loobert
loobert Posts: 4 Newbie
in Cutting tax
Hi there,

my wife's mum lives in Australia and wants to give my wife some money (approx. 20K) as a gift to invest here in the UK.

Are there any tax implications involved in this and if so what are they ?

Any help appreciated.

thanks

Loobs

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    there is no gift tax in the UK so your wife can be given any amount of money.

    I know nothing of the situation in Australia.

    If MIL was resident in the UK then only potential issue may be inheritance tax if your MIL dies within 7 years and has a total estate over 600000 or the then figure.
  • RayWolfe
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    loobert wrote: »
    my wife's mum lives in Australia and wants to give my wife some money (approx. 20K) as a gift to invest here in the UK.
    As a gift or to invest in the UK. Which is it?
  • loobert
    loobert Posts: 4 Newbie
    Hi - thanks for your responses. It is a gift from mother to daughter. My wife intends either to invest it or to use it to contribute towards buying our next house.
  • RayWolfe
    RayWolfe Posts: 3,045 Forumite
    1,000 Posts Combo Breaker
    In that case, it is exactly as CLAPTON describes.
  • loobert
    loobert Posts: 4 Newbie
    I had some concerns re capital gains tax but relieved to hear that this was needless - thanks
This discussion has been closed.
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