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Sam, Accountant
Category: UK Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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My father is to sell property in Sydney. He wants me to have

Customer Question

Hi, my father is to sell property in Sydney. He wants me to have the money for it in UK. We are Korean and UK residents. Would this transfer from Australia to UK be taxable? If it would be, what is tax ratio..? Thanks
Submitted: 1 year ago.
Category: UK Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to able to help you with your question.

The UK has no gift tax regime so any gift to you from his Oz sales will not be taxable in the UK. Just make sure that your bank is aware of incoming funds and their source to head of any money laundering queries a large transfer might attract.

I have assumed that your father is not resident in the UK. Australia has no capital gains tax as such, but gains of this nature would be taxable as Income Tax there. If he is UK resident for tax purposes, please come back to me as my answer would need expanding.

I do hope that my reply has been of assistance.