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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My parents are planning to sell a property back in Greece

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Hello, my parents are planning to sell a property back in Greece and transfer me part of the proceeds so I can put a deposit for buying my first property here in the UK. My question is, would I have to pay any tax on that amount they'll transfer to me and how would I go about declaring it. I've always been employed by other companies here in the UK and paid my taxes via the PAYE system. I never had to fill a tax form before myself.
JA: Which tax year are you filing for?
Customer: Well, let's say they manage to seel the flat within the next 3-4 months, so I'd be filling for this year 2019-2020.
JA: Anything else you want the Accountant to know before I connect you?
Customer: nope.

Hi. My name is Tony. I'm looking at your question now and will post my answer or ask for more information here in a short while.

Are you and your parents UK or Greek nationals? Where do your parents live?

Customer: replied 1 month ago.
I have both Greek and UK passports. My parents are Greek and based in Athens.
I’ve been living in the UK permanently since April 2004.

Thanks.

 

Leave this with me while I draft my answer.

The recipient of a gift does not pay tax on it in the UK. You should, however, keep a record of the gift in the form of a letter from your parents so that if you are asked about its provenance you have proof. You might also alert your bank in advance of the transfer into your UK bank account to avoid delays in accessing it due to money laundering procedures.

 

As foreign domiciles your parents estates would only be liable to UK Inheritance Tax on their UK based assets when they die. Assuming the gift to you will be made from a non-UK source then there will be no Inheritance Tax implications for their estates.

 

I hope this helps but let me know if you have any further questions.

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