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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10408
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Dear Sir/ madame My daughters father wants to transfer

Resolved Question:

Dear Sir/ madame
My daughter's father wants to transfer money to her account from abroad to by a flat for her in London. What are the tax rules in this case? Thank you.
Kind regards
Alla Lisogorskaya
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello Alla and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
There are no tax implications as such for him to transfer the monies, as far as your Daughter is concerned, in that she would not have any tax to pay on it, or would she need to declare that she had received this gift.
From his point of view, the only possible implication is that if he were to die within 7 years of making the gift, this amount or a portion of it would still be treated as forming part of his Estate when calculating if there is any Inheritance Tax. (This is the position in UK law, and applies to other European countries, but he would need to check the position for the particular country in which he is living)
I hope this helps but feel free to come back to me if I can help further.
Kind Regards
AL
Kind Regards
AL
Customer: replied 2 years ago.
Thanks for a prompt answer, Al. Is it advisable to set up a trust account for the monies until a deal on the property is done? Are there any standard arrangements to ensure the money does not sit in the current account? Thanks. Alla
Expert:  Aston Lawyer replied 2 years ago.
Hi Alla,
Thanks for your reply.
It would be easiest just for the money to be transferred to your Daughter's account once required. If you are concerned the monies may be transferred to your Daughter and the money is not then used to purchase the property- there has to an element of trust between the parties.
Setting up a Trust in the meantime is a lot of hard work for what is being done. If a Trust were set up, then there would be tax implications, in that the HM Revenues and Customs would have to be notified, and tax then may become payable as and when the property is sold or income is generated from it.
I hope this assists- I am not 100% clear on your concerns as regards ***** ***** of monies, and so, if the above does not help, please let me know.
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10408
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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