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Can I transfer my overseas gifted deposit money as a parent…

Customer Question
Can I transfer my...

Can I transfer my overseas gifted deposit money as a parent to my daughter's solicitor's bank account in the UK directly ?

Accountant's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

Everything done ID bank statement different forms from money laundering point of you . Mortgage accepted .

Accountant's Assistant: Where is the property located?

England

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

No thanks, only I do not want double transfer for this significant sum of money

Submitted: 4 months ago.Category: UK Tax
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Answered in 11 hours by:
3/23/2018
UK Tax Professional: bigduckontax, Accountant replied 4 months ago
bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,244
Experience: FCCA FCMA CGMA ACIS
Verified

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

You can, the UK has no Gifts Tax (GT) regime so the money will come to her tax free. Just thank your lucky stars she doesn't live in France where GT kicks in at 5K Euros! Make sure she warns her bank of incoming funds and their source to preclude any money laundering inquiries a large sum might otherwise attract.

I do hope that you have found my reply of assistance.

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