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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15996
Experience:  International tax
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My mother in Australia is sending me a large amount of money

Resolved Question:

My mother in Australia is sending me a large amount of money into my bank account
Is this liable to any UK tax or something
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello,There are no tax implications with you receiving a gift from oversees, just keep a paper trail of where the money has come from and when, so that should HMRC ever asks about the deposit that you have the evidence to back up that this was a gift.The only concern you have is any income earned from this capital sum, such as interest will be liable to tax.
Customer: replied 2 years ago.

By paper trail do you mean emails between us or what.

Expert:  TaxRobin replied 2 years ago.
Emails would be acceptable. The transfer from her bank in Australia directly to your bank in UK would also need to be retained.
Expert:  TaxRobin replied 2 years ago.
YOu just want to keep copies of any document that can show where the funds originated.
Customer: replied 2 years ago.

Does this still apply if the amount is in excess of 200 thousand British pounds

Thanks

Expert:  TaxRobin replied 2 years ago.
Yes, this would still apply for even that amount. The gift form your mother would not be taxable to you but you need to be able to explain (if asks by HMRC) where the funds came from.
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