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Sam
Sam, Accountant
Category: Tax
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I am a Belgian/American citizen living & working in the UK.

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Hi - I am a Belgian/American citizen living & working in the UK. I am about to receive a "gift" of £150,000 from my grandparents who are Belgian and live in Belgium. This gift is underwritten by a Belgian notary and has a provision stating I am not allowed to touch it until my mother dies. This money will stay in Belgium until she dies. Can you please tell me what the tax implications are now, and when I will eventually receive this money?

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Hi

Thanks for your patience

There will be no tax implications as this will be a gift and whilst may be considered against your grandparents estate and I assume they have taken appropriate advsie regarding this gift, receipts of gifts are not liable to tax in the UK and this applies now and when the time comes for you to receive the benefit of it (when your mother passes away)

Thanks

Sam

Sam and other Tax Specialists are ready to help you
Customer: replied 1 month ago.
Thanks Sam. To be clear - if there are conditions attached to this enforced by a notary (we only access the money when my mother dies; the money would only go to my children and not my spouse) would that still constitute a gift and definitely not be a trust? Thank you
Customer: replied 1 month ago.
as my mother just reminded me there is also a possibility for me to have access to the money while she is alive with her permission.

HI

ALL gifts are tax free - the only time they are not are through a will or trust when neither the estate or the trust has sufficient funds to make good any tax due - but that is under UK tax laws from which this will not originate

Even if you access this money before your mother passes away - the only tax position you have to consider is that from the originating source which is not UK tax - so just re Belgium (Flemish tax) as there is no UK tax to consider

Thanks

Sam