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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 16712
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

Team, If an amount of c.20k is being sent from my parents to

This answer was rated:

Hello team,If an amount of c.20k is being sent from my parents to my own account here in the UK, as a gift, would be subject to UK tax as I am a UK resident (for tax purposes)?Thank you.

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

Recipients of gift don't pay tax on them in the UK. You should keep a record of the gift in case you are asked about it and advise your bank in advance of the transfer to avoid delays in access due to money laundering rules.

There will be no Inheritance Tax implications for your parents so long as they are non-UK domiciled and the gift is made from non-UK sources.

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

Customer: replied 7 months ago.
Thank you!

Would you mind rating my answer before you leave the site please.

TonyTax and other Tax Specialists are ready to help you