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Ask Your Own Question, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 4984
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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But resident in Greece, selling a house in Corfu, and want

Customer Question

I am British but resident in Greece, selling a house in Corfu, and want to give the funds from the sale, approx. £100,000 to our son who lives and works in Uk (uk passport) as a deposit on a property. Are we, or is he, liable to pay tax on this?
Submitted: 1 year ago.
Category: UK Tax
Expert: replied 1 year ago.

Thank you for your question...

Gift to your son of £100k will not attract any tax in the UK as gifts in the hands of the recipient are received free of any tax. As you are a UK National this gift would be regarded as a potentially exempt transfer for inheritance tax purposes. Provided you survive for full seven years from the date of the gift, it would be out of scope of IHT...amount excluded from your estate for IHT purposes.

More information on potentially exempt transfers can be found here

I take it you are non-resident in the UK for tax purposes.

I hope this is helpful and answers your question.

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