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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5029
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I was born in Argentina but I am now a resident in the UK.

Resolved Question:

Hi, I was born in Argentina but I am now a resident in the UK. If my father sends a large sum of money to me, am I liable to pay tax to receive that money? He is not a UK resident, he lives in Argentina.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question.

The recipient of the gift does not pay any tax on the gift received as there is no tax on gifts in the UK. Furthermore, you don't report the gift on your tax return.

You should safeguard yourself and have a statement or declaration from your father to confirm the money is a gift. This would be helpful in the event there was an enquiry from the tax office at a future date. Also this would help you with compliance of money laundering regulations. You may wish to alert your receiving bank of impending transfer of funds into your bank account 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.
Thanks for your answer. That is very helpful.
Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

Best wishes