Gift Received From Abroad

Gift Received From Abroad

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Hi,

What are the tax implications of receiving money from a relative abroad. Since the person giving the gift is abroad, and outside of the tax jurisdiction of HMRC, what are the implications for the person receiving the gift? The giftor has not died yet and but may well have had to pay some tax on the gift anyway (I don't this and need to check).

There are so many factors involved (inheritance tax thresholds etc) that I'm not sure where to start.

Any advice much appreciated.

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By colin_new
30th Mar 2010 23:13

Thank you. I read similar on HMRC's site, but wanted to make sure I knew what I was reading was right!

Does a declaration or notification need to be made for funds/property received from such a relative (i.e. non domiciled, they have never even set foot in the UK)? If so, how is it done and what kind of documentation is required?

Thanks again.

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