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Transfering money from Australia to UK

Parent transferring money from Aus to UK

An Australian parent who is resident and domiciled in Australia transfers money from their Australian bank account to their Australian child who is now resident in the UK (but not UK dom).

Does the actual transfer of this money to their child in the UK have any UK tax consequences? I guess not? Apart from the obvious interst which may subsequently accrue when its in the UK bank account.

Do you agree?

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12th Feb 2019 11:23

Agreed no UK tax consequences.

Only point to watch is, if HMRC investigated, is there evidence to support the gift otherwise HMRC might asset unreported income.

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12th Feb 2019 11:24

Duplicated

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