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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My non immediate family, who have no connection to the UK,

Resolved Question:

My non immediate family, who have no connection to the UK, want to gift me a property abroad. They are organising all the tax affairs for that country. The property is worth around $90k. I am based in the UK - are there any tax implications of this gift.
There will also be ongoing income as the property will be let out. There is no double tax treaty with that country. What are the tax implications for any revenue?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

There should be no tax implications for the recipient of this gift as there is no tax on gifts in the UK. You receive the gifts free of tax.

As far as rental income goes, you being the new owner of the property would have to declare the profit from property income on your tax return by completing supplementary pages SA106 - Foreign and this income would be chargeable to UK income tax.
if you suffer any tax on this rental income abroad, then you would claim foreign tax credit relief against tax suffered in that country.

More information on this can be found here

https://www.gov.uk/government/collections/self-assessment-helpsheets-foreign


I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes