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Liability for UK tax for Euros gift from IRELAND

My wife, (in UK) received Euros gift from brother in Ireland. What tax liability in UK? Best bank?

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My lovely wife just received a gift from brother in Ireland, in Euros. What could be the UK tax liability and also any suggestions for best bank to deposit it, from the exchange/service point of view. She has accounts with HSBC and Barclays.

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By IWantToLearn
17th May 2022 18:58

It depends on the type of gift and how much it's worth. Potentially nothing.

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By Hugo Fair
17th May 2022 19:40

1. "What could be the UK tax liability"?
Totally impossible to say ... given no information on the type/scale of gift. or reason for it, or indeed anything salient about it.
What kind of tax liability are you concerned about?

2. "any suggestions for best bank to deposit it, from the exchange/service point of view"?
Again, impossible to say ... given that you've not even indicated the medium in which the gift has been made, or where it currently resides, or (again) the scale of it.
But why not simply phone your wife's banks to get their quotes for handling the transfer (which may vary depending on your urgency for receipt of sterling funds)?
Only if you're dissatisfied with those costs will it be worth spending the time to research other alternatives (of which there are an almost limitless number).

BTW reversing the spelling of your name is hardly a difficult code to crack - although there are a LOT of people who share your name, so your anonymity is safe for now!

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Replying to Hugo Fair:
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By Leywood
17th May 2022 21:15

Why can’t ‘the wife’ phone the bank herself?

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Replying to Leywood:
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By Hugo Fair
17th May 2022 21:44

Of course she can ... I was merely continuing the OP's terminology (as you can't be too careful nowadays as to who you inadvertently offend).
TBH I found the reference to "My lovely wife" as the first 3 words of the OP a little off-putting, but decided that was my problem ... so retained the 3rd-person style.

One could just as much enquire as to why she didn't make the initial post herself.

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Replying to Hugo Fair:
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By Leywood
17th May 2022 21:53

I agree with you Hugo, on the ‘lovely wife’ comment and why she isn’t asking questions herself. She might even have had some manners and said please when asking for freebie opinions.

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By Duggimon
18th May 2022 12:21

This isn't a tax advice forum, but your wife probably has no tax to pay so that's ok.

Of course, that advice is subject to all my assumptions being correct and I haven't listed any of those.

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