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Tax on Gift from dad from his non UK bank account

Gift from dad from his non UK bank account

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Hi,

My dad (never a UK resident and lives abroad) has sold his property outside UK and would like to gift me some of his sale proceeds to me. I am a UK resident. If my dad transfers money around 30,000 from his non UK bank to my UK bank account as a gift do I have to pay any tax on that? Does my bank need to be made aware with any document proof that the reciept of those funds are gift from my dad? I am thinking of buying a property is this money sometime in future. Will there be a need to submit any documentation at that time in relation to the source of this deposit?

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Alex
By scurlage
13th Feb 2021 13:40

You don't have to pay tax on a gift, provided your dad outlives the giving by 7 years. Be sure to get documentation lined up for when you are asked as it is likely that the mortgage co will want proof of where the deposit is coming from when you buy or the bank or HMRC may get inquisitive.

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By Accounting_query21
15th Feb 2021 21:56

Thanks, would you know what kind of documentation will be required?

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By Paul D Utherone
16th Feb 2021 09:45

I would expect that your bank may hold up accepting the gift in the first place for evidence of the source of substantial funds arriving in your account.

Try Googling "bank asking for source of funds uk". That will give you a clue

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