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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 19981
Experience:  International tax
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My brother who lives in the states wants to give me 90,000

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My brother who lives in the states wants to give me 90,000 euro. Will i have to pay tax on it and what is the best way to avoid this?

Hello and thank you for allowing me to assist you.

Customer: replied 10 months ago.

No, you will not have to pay tax on this gift from your brother. Gifts are not subject to income tax in the United Kingdom.

You may have to pay inheritance tax if your brother passes away before the 7 years have passed (IHT rules ).

Your brother will need to report the gift he makes to you under US laws. He can only give $15000 (US dol) in a year to any one person. You are not obligated under US laws to report the gift though.

Summary: No UK or US tax for you on this gift.

Customer: replied 10 months ago.
Customer: replied 10 months ago.
sorry what is the dollar limit

Did you scroll up to see my response?

Which dollar limit are you asking about?

Customer: replied 10 months ago.
is that fifteen thousand or 150 thousand

$15 thousand

Customer: replied 10 months ago.

That part is for your brother.

You have no reporting issues for US on this.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Customer: replied 10 months ago.
if he gifts me 90 thousands dollars will the banks not wonder where it comes from or report it

Banking issues are different than tax on the amount.

A transfer from a bank account to a bank account rarely require reporting. Cash attracts attention.

Customer: replied 10 months ago.
I guess for me that is the main thing that I do not want to be the subject of an investigation

There is no indication that would occur.

Customer: replied 10 months ago.
Ok thanks. If I have a further question later can I ask it

Follow ups are welcome.

This remains available to you even after you rate.

TaxRobin and 3 other Tax Specialists are ready to help you
Customer: replied 10 months ago.
Thanks great!

You are most welcome.