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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8108
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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If my father sends me £50k in my bank account for the down

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If my father sends me £50k in my bank account for the down payment for a flat. Do i pay taxes on those? If I don't get a flat before April (new fiscal year) what taxes will those hypothetical 50k incur?
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: No

Hello and welcome to JustAnswer. I’m, a UK qualified accountant. Reviewing your question and will respond to you shortly.
Many thanks

Customer: replied 15 days ago.
My father is not a UK tax resident as we are Italians and he lives there. I'm in the UK. I'm not interested in my dad's risk/exposure but on mine. And what do i need to do to have everything in order. thanks!!

Thank you for your question.

As a recipient of gift, you receive it free of tax as there is no gift tax in the UK.

Whether you utilise these funds in property purchase in this tax year or after April 2022 make no difference.

You should make your UK receiving bank aware of impending remittance to comply with anti-money laundering regulations.

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

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. and other Tax Specialists are ready to help you