Share this content
0
690

Cash gift or loan from abroad?

Implications of receiving a cash gift or loan from abroad

Didn't find your answer?

Search AccountingWEB

Hello,

Buyer of my flat pulled out just before exchange, leaving 4 families devastated. A generous relative in Australia has offered to give me a large amount of cash to proceed with the onward purchase. 

While I understand there are no tax implications (for me) if it’s a gift, I would like to pay some back when I do sell my flat. What are the implications if we do class it as a loan please? Thanks in advance.

Replies (2)

Please login or register to join the discussion.

RLI
By lionofludesch
15th Jun 2019 10:51

You owe it to the generous relative.

As opposed to not owing it.

Thanks (0)
avatar
By Montrose
16th Jun 2019 11:27

".....class it as a loan ?"
Either it is a gift, or it is a loan. Whichever it is, documentation will be critical, both for money laundering issues with your[ or your solicitor's] bank receiving the money and to answer possible HMRC enquiries

Thanks (0)
Share this content