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Sam
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Category: Tax
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My mother-in-law is considering making a one off gift to my

Resolved Question:

My mother-in-law is considering making a one off gift to my wife of over £100,000, but less than £200,000. In principle, the money would be transferred in a single payment from the US to the UK and arrive in our joint bank account.
What would be the tax implications for us if she does this? If we go ahead with this, are there any steps that we would need to take in order to minimise our exposure?
Thanks
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi Thanks for your question - I am Sam and I am one of the UK tax experts. There are no tax implications at all on your wife receiving this gift lump sum, only any income (such as interest) that your wife might earn from the lump sum have any UK tax implications. (This i because gifts no matter what their size/value are not liable to tax on the recipient) But your wife should alert her bank of this amount as due to the size it they will have to ensure relevant security checks are carried out. Let me know if I can be of any further assistance Thanks Sam
Customer: replied 2 years ago.
Thanks Sam,
If my mother in law (she lives in Argentina) passed away, would there not be any UK inheritance tax implications, or would this be relevant for US or Argentine law only?
Expert:  Sam replied 2 years ago.
Hi Thanks for your response If mother in law lived in the UK, and she died less than 7 years from the date of making this gift- then it COULD have Inheritance Tax implications but as she does not, and we are UK tax experts (and you asked only after your wifes tax position) then she would need to seek advise from the tax jurisdiction in which she would be in at any future passing away. I am sure you can appreciate we cannot advise other countries tax positions, when we are not experts in that field but there are USA tax experts (not sure about Argentinians) on the USA tax forum of Just Answer. so if you wished to establish this for your Mother in Law, you could post a further question there Let me know if I can assist any further with the UK tax position - but it would be appreciated if you could rate (accept) on the basis of level of service I have provided.ThanksSam
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