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    • Stribe
    • By Stribe 9th Oct 17, 5:24 PM
    • 2Posts
    • 1Thanks
    Gifted from Grandparents living abroad.
    • #1
    • 9th Oct 17, 5:24 PM
    Gifted from Grandparents living abroad. 9th Oct 17 at 5:24 PM
    Hi folks!

    So, I was reading through the forum and other websites to get a better insight about being a first-time buyer and was discussing this with my family members whilst abroad. My Grandfather has stated that he is happy to send over 70k as a gift - essentially for the deposit - but he wasn't too sure about the tax implications in the UK ( frankly, neither do I! ). Based on reading a few things, I assume that no Inheritance tax will be applied, since my grandfather does not reside in the UK and is not a British Citizen. He will be writing a letter to confirm that the money is a gift and not a loan. Is this correct?

    Also, he wanted to send over a monthly amount of money to my younger family member, who is about to start Uni...Is there a certain threshold on how much he can give on a monthly basis or can he send any amount on a monthly basis?

Page 1
    • Thrugelmir
    • By Thrugelmir 9th Oct 17, 5:28 PM
    • 58,892 Posts
    • 52,220 Thanks
    • #2
    • 9th Oct 17, 5:28 PM
    • #2
    • 9th Oct 17, 5:28 PM
    Which country will the money be originating from?

    For large sums a letter will not suffice. The source will need to be evidenced clearly.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Stribe
    • By Stribe 9th Oct 17, 5:49 PM
    • 2 Posts
    • 1 Thanks
    • #3
    • 9th Oct 17, 5:49 PM
    • #3
    • 9th Oct 17, 5:49 PM
    The money will be coming from Kenya.

    I guessed a letter wouldn't have been enough, but giving all the required statements wouldn't be an issue.
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