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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If I give my son 100,000 to buy a house does he have to declare

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If I give my son 100,000 to buy a house does he have to declare it on his tax return
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.The beneficiary of the gift does not report the receipt of it to the tax authorities when filing a tax return.He should retain documents/statements to support the statement that the money was a gift.Also he should make his bank aware of the impending inflow of money to comply with money laundering regulations. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
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Customer: replied 1 year ago.
This was very helpful. I am very surprised that it is not mandatory for the recipient to declare the time of gift but presumably this is detected through a knowledge of bank transfers between accounts.
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. best wishes

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