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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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I am being given a large money gift from a close friend who

Resolved Question:

I am being given a large money gift from a close friend who lives in Antigua, I Am a Brit living in Spain but not a resident,I have England citizenship and a bank account in uk,receive my pensions from there and taxed there on my other small pension.
I am 70 in 2 weeks
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. Please clarify for me...Are you concerned wheter this gift would be taxed?Many thanks
Customer: replied 1 year ago.
Yes
Customer: replied 1 year ago.
And whether to put the money in my uk account or Spanish account
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply. Recipient of a gift receives it free of tax. There is no tax on gifts in th UK.You should alert your bank in the UK of this receipt of money to safeguard you of money laundering regulations.i would suggest you deposit this money in your UK bank account.I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.