Tax on family member overseas transfer

Family member overseas transfer . Taxable?

Didn't find your answer?

A family member is willing to transfer 25k to help with paying the deposit for a property. Would that be taxable?

Many thanks. 

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By Tax Dragon
13th Nov 2020 08:24

It would be taxable if the conditions for a tax charge exist, which I cannot tell from your fact-filled post.

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Replying to Tax Dragon:
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By JoanV123
13th Nov 2020 10:39

Thanks.
What other information would you need to determine if the conditions for a tax charge exist?

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Replying to JoanV123:
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By Tax Dragon
13th Nov 2020 11:10

With regret, those are not conversations I have in here. However, I hope this helps:

If an individual who is (and who will remain) resident outside the UK makes an outright gift of their own money* to someone in the UK who will use that money to buy a home (somewhere to live), the gift is not taxable in the UK. If that's not what's happening a) there could be tax and b) you should appoint an accountant.

*I should caveat/explain that, but I want to keep this simple, so I hope "their own money" is clear enough. I'm ignoring IHT for similar reasons.

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By JoanV123
13th Nov 2020 11:50

This is helpful indeed. Forgive me if this is not the right platform for this conversation.

Many thanks.

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