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bigduckontax
bigduckontax, Accountant
Category: Tax
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My son is British and has worked in Singapore several years. He

Resolved Question:

My son is British and has worked in Singapore several years.
He wants to help his sister who lives and works in the uk buying a house with 200,000 GBP.
Are there any taxes due to him or her in the uk?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. The UK has no gifts tax regime so such assistance is outside the scope of UK taxation. His sister should warn her UK bank of the incoming finds and their source to preclude any money laundering investigations a large transfer might attract. Gifts do have an effect on the donor's UK Inheritance Tax (IHT) affairs, but only fer seven years and there is a distinct possibility that your son would not be liable to that tax anyway living in the Far East. Singapore has no gifts tax regime either so there is no difficulty that end. I do hope that you find my reply of assistance.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.