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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5112
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If I give my son 100,000 to buy a house does he have to declare

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If I give my son 100,000 to buy a house does he have to declare it on his tax return
Thank you for your question.The beneficiary of the gift does not report the receipt of it to the tax authorities when filing a tax return.He should retain documents/statements to support the statement that the money was a gift.Also he should make his bank aware of the impending inflow of money 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. and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
This was very helpful. I am very surprised that it is not mandatory for the recipient to declare the time of gift but presumably this is detected through a knowledge of bank transfers between accounts.
I thank you for accepting my answer. best wishes