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TaxRobin
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Experience:  International tax
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My mother is a Russian citizen. She transferred GBP350.000

Resolved Question:

Hello
My mother is a Russian citizen. She transferred GBP350.000 to my account (I'm a UK citizen) for me to by a property in London in hour joint names. Do I have to pay income tax on this amount?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
Hello,You are generally not taxed on a gift. There is no general requirement to tell HMRC about a gift you receive. But if you are in self assessment (especially if you are self-employed), it is sensible to keep evidence that it is a gift (for instance, an exchange of letters). This is in case you are subject to a tax enquiry. During a tax enquiry, HMRC might assume the gift is untaxed income (eg. from your trade/self-employment), if you can’t prove otherwise.If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.
Customer: replied 1 year ago.
Could you please confirm if I'm employed in the office and my taxes are all paid vie employers facilities I don't have to worry that tax authorities would have questions about me having such a big sum on my current account and I can proceed with a purchase of the property without having to report anything to HMRC this financial year? Thank you
Expert:  TaxRobin replied 1 year ago.
Yes, you can proceed.Retain some letter from your mother that shows this is a gift to you and not payment of some sort.You are most welcome.My goal is to give you excellent service.
Expert:  TaxRobin replied 1 year ago.
Please advise if you need more information or rating in a positive way is acceptable.
Customer: replied 1 year ago.
Thank you it was very helpful. Could I ask another question related to a different transaction?
Customer: replied 1 year ago.
But also connected with income tax?
Expert:  TaxRobin replied 1 year ago.
Generally you are required to rate and complete this prior to changing subjects but please post your followup and I will address it if I can.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 13614
Experience: International tax
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