A brother has inherited his mother's house on her death. He wishes to make renovations and sell the house which will result in a capital gain of c£100k. He is non-resident and non-domicile in the UK and now a non-EU citizen.
Once he has sold the house he would like to gift a substantial sum of money from an overseas account to his brother and sister who are both UK resident and domicile.
Can anyone advise if there would be a tax liability arising on the brother and sister receiving the gift?
Anon
Replies (1)
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Cash Gift.
The house is a red herring. The gentleman is giving a cash gift; where the cash arises from is immaterial.
He can give a cash gift to whomever he likes, the recipient is not chargeable or liable for any tax in the UK on the receipt of a gift.
He may be subject to gift or inheritance tax in the country in which he is currently citizen and/or domiciled. He should make sure what this exposure is before gifting any cash to his UK relatives.