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RodneyA814
RodneyA814,
Category: Tax
Satisfied Customers: 144
Experience:  Expert
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If a Uk resident gave £270000 to her step grandson resident

Customer Question

Hello
JA: Hello. How can I help?
Customer: if a Uk resident gave £270000 to her step grandson resident in Geneva, what would be the tax implications ?
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: I don’t think so.
Submitted: 12 days ago.
Category: Tax
Expert:  RodneyA814 replied 12 days ago.

Hello there,

This would be a potentially exempt transfer (PET) under inheritance tax (IHT) rules. If your total gifts do not exceed £325,000 in 7 years before death, then there will be no IHT to pay.

Please let me know should you have further questions.

Customer: replied 12 days ago.
The question also related to any tax liability from the recipient in Geneva. I know that in France for example, it is the person receiving the gift that pays the gift tax.
Customer: replied 8 days ago.
The question also related to any tax liability from the recipient in Geneva. I know that in France for example, it is the person receiving the gift that pays the gift tax.
Expert:  RodneyA814 replied 8 days ago.

The  IHT would be on your estate should you not live for more than 7 years after making the gift. There would be no IHT liabilities on the recipient of the gift.

Customer: replied 7 days ago.
Thank you
Expert:  RodneyA814 replied 7 days ago.

You are welcome.