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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My father lives in Ireland and pays Irish taxes. I live

Resolved Question:

Hi My father lives in Ireland and pays Irish taxes. I live in the UK (paying UK taxes) and he wishes to transfer to my UK bankk 50000 euros as he wants me to organise part of his financial needs. Will I be subject to tax on this money.
Please let me know
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Can you tell me what you mean by "organise part of his financial needs" please.
Customer: replied 1 year ago.
Basic day to day costs - travel / social meals / clothes etc. He doesn't want to be bothered with paying directly, at 96 he wants to make things simple from his pov
Expert:  TonyTax replied 1 year ago.
Thanks. You wouldn't have to pay UK tax on the money even if it was a gift. However, it would be a good idea to have a document signed by both yourself and your father which says that he has transferred 50,000 Euros to you on whatever date and that this is his money which you will use to meet some of his basic day to day costs as you described them, in view of his age. You might also keep a record of how the money is spent. If the money is transferred to you electronically, then it will be easy to prove where it came from if you are asked but you should give your bank advance notice that your account will be in receipt of a significant sum of money to avoid triggering their money laundering procedures. If the cash generates any interest, then your father may need to report that to the Irish tax people. I hope this helps but let me know if you have any further questions.
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