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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Good morning, I would like to know if there are any tax

Resolved Question:

Good morning,
I would like to know if there are any tax implications to a gift from my father.
He is born and resides in Germany and would like to gift £50,000 to me.
I live in the UK (have done for over 20 years) but hold a German passport.
Regards,
Marianne
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. The recipient of a gift does not pay tax on it in the UK. So long as the gift is made from assets held outside the UK, there will be no Inheritance Tax implications for your father. If an individual is non-UK domiciled, only their UK based assets and gifts made in the seven years before death from UK based assets are potentially liable to UK Inheritance Tax when they die. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
Many thanks.
So if his investments are based in the UK and he liquidates these to pass the money to me then that money would be subject to UK inheritance tax?Marianne
Expert:  TonyTax replied 1 year ago.
That may be the case but the liability would only arise when he dies within seven years of making the gift. After three years, the potential IHT charge tapers away as you can read here:
http://taxaid.org.uk/guides/information/other-taxes-you-may-need-to-know-about/inheritance-tax/828-2/taper-relief-for-lifetime-gifts
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15838
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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