How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5148
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I am being given a large money gift from a close friend who

This answer was rated:

I am being given a large money gift from a close friend who lives in Antigua, I Am a Brit living in Spain but not a resident,I have England citizenship and a bank account in uk,receive my pensions from there and taxed there on my other small pension.
I am 70 in 2 weeks
Thank you for your question. Please clarify for me...Are you concerned wheter this gift would be taxed?Many thanks
Customer: replied 2 years ago.
Customer: replied 2 years ago.
And whether to put the money in my uk account or Spanish account
Thank you for your reply. Recipient of a gift receives it free of tax. There is no tax on gifts in th UK.You should alert your bank in the UK of this receipt of money to safeguard you of money laundering regulations.i would suggest you deposit this money in your UK bank account.I hope this is helpful and answers your question. and other Tax Specialists are ready to help you
I thank you for accepting my answer.
Best wishes.