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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6183
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I wanted to find out if I need to pay tax on money sent from

This answer was rated:

Hi, I wanted to find out if I need to pay tax on money sent from sister every month? She sends around £10k or more every month as family support, to support me and my parents
Assistant: Have you talked to a tax professional about this?
Customer: No
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: No that’s it

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

Thank you for your question.

I presume you are UK resident for tax purposes and that this money has nothing to do with your funds abroad.

If you are receiving money from a family member on a regular basis to support you and your parents, this is not income and is out of scope of income tax.

The amount seems high for monthly support.

To safeguard yourselves, it is adviseable that you have a document prepared confirming the nature and purpose of giving significant sums to you regularly.

This would be helpful in the event there was an enquiry by HMRC requiring to to explain source of funds. Also, this document would suuport and enquiry by the bank in compliance with anti-money laundering regulations.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 1 month ago.
Thank you for your reply it was very helpful. I was just wandering exactly what document would be accepted that mentioned to provide just in case HMRC or bank asks

Thank you for your reply.

It would be a statutory declaration statement by your sister.

I recommend she seeks advice and assistance from a local solicitor to draw up this statement. It would cover amounts being paid and purpose of giving etc.

I hope this is helpful and answers your question.

If there are no more issues, I will appreciate if you would kindly rate myservice by selecting the 5 stars at the top of the screen before you leave, to ensure I get credited for it by Just Answer today.

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Best wishes.