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 TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 27956
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

My girlfriend in Ghana has inherited a large amount of money

This answer was rated:

Hi my girlfriend in Ghana has inherited a large amount of money from a relative who has died recently. She wants to send the money to my account in the uk. She is on a 2 year visa to the uk. What are the tax implications for me, I’m a resident in the uk, if she pays any tax due in Ghana, is there tax to pay in the uk?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: As it’s a large amount of money what documents are required for proof of source of fund? And what are tax implications for me as it’s a large sum of money and it’s from Ghana

Hello and thank you for allowing me to assist you.

Customer: replied 13 days ago.
The money will be used to invest in a property in the uk, is it best to form a company and open a company bank account first?
Customer: replied 13 days ago.
Hi

You will not have any UK tax to look forward to on that money. You will need to get IN WRITING from this person exactly what it is for and from.

If =this is to invest then they should open company first then a bank account

Customer: replied 13 days ago.
When the million pounds hits my account won’t the bank also question it for money laundering purposes?

That is why I said you need to get written info from this person

Before they ask for any money on the transfer ,DON'T GIVE ANY

Customer: replied 13 days ago.
Just a letter saying where the source of funds is from and what it will be used for? Will the bank/HMRC not need anything from me? Will I get investigated for banks/HMRC due diligence?

Yes just a letter will be sufficient. They will want ti see that letter you get. Investigated? probably. That is a lot of money and why this person does not just put it in own account is questionable.

Customer: replied 13 days ago.
She does not have a bank account here yet, she is dealing with the sale of assets and will send the funds to the uk, and she will come over.

So you have not met in person? She is still in Ghana?

Customer: replied 13 days ago.
we have, She lived in the uk on visa, then her relative died so she had to leave for the relatives funeral

No offense, just use caution and do not advance any Ghana tax money for this transfer.

You are most welcome.

A 5 star positive rating is appreciated. SCROLL UP TO SEE STARS

Any call offer is site generated, not from me.

Customer: replied 13 days ago.
Sorry, what do you mean. For me not to send any money to her to pay for the tax in Ghana?

Most people that have your situation come up (and yes there have been many others) also report the person that inherited asking for help paying the taxes in the other country so the money will transfer.

Customer: replied 13 days ago.
Robin, if she sells assets and pays the taxes due in Ghana, there is no tax payable in the uk from her or from me,and all I need is a letter from her saying where the funds are from, and for what purpose? Is that correct?

Correct

You are most welcome.

A 5 star positive rating is appreciated. SCROLL UP TO SEE STARS

Any call offer is site generated, not from me.

Customer: replied 13 days ago.
Due to Covid I stil have some outstanding tax to HMRC what are the implications of that?

Different question ,so please complete this one (rate) then list as NEW

TaxRobin and other Tax Specialists are ready to help you
Customer: replied 13 days ago.
Thank you Robin