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bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5464
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Can I transfer my overseas gifted deposit money as a parent

Customer Question

Can I transfer my overseas gifted deposit money as a parent to my daughter's solicitor's bank account in the UK directly ?
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Everything done ID bank statement different forms from money laundering point of you . Mortgage accepted .
JA: Where is the property located?
Customer: England
JA: Anything else you want the lawyer to know before I connect you?
Customer: No thanks, only I do not want double transfer for this significant sum of money
Submitted: 6 months ago.
Category: UK Tax
Expert:  bigduckontax replied 6 months ago.

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.