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bigduckontax
bigduckontax, Accountant
Category: Tax
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I am uk resident and domicile and am going to receive a capital

Resolved Question:

I am uk resident and domicile and am going to receive a capital distribution from an offshore trust. Is this taxable on me, my mother is the settlor, she is uk resident and non uk domiciled
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. This constitutes a gift from your mother and as the UK has no gifts tax regime you should receive these moneys free of UK taxation. The situation in the country in which the trust is established and its taxation is outside the scope of this answer. I do hope that you find my answer of assistance.
Customer: replied 1 year ago.
Thank you. What information would I receive from the offshore Trust to confirm its capital for UK tax authorities.
Expert:  bigduckontax replied 1 year ago.
There is no requirement for you to advise HMRC of gifts. You should warn your bank of incoming funds and their source, ie a gift from your Mother, to preclude any money laundering inquiries a large transfer might attract. Please be so kind as to rate me before you leave the Just Answer site.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.