Calis Beach and Fethiye Turkey Discussion Forum
Turkey Related Subjects => Cost of Living in Turkey => Topic started by: Kevin Sowten on July 01, 2013, 14:17:35 PM
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In UK there is a limit to how much money you can gift a relative before it attracts tax.
If that relative is an expat resident of Turkey who is exempt from UK tax (on his/her pensions)
would the Turkish tax authorites demand a similar tax to be levied on the 'gift' ?
(or would the payment into the Turkish bank go unnoticed ? ;) )
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There is no tax on gifted money in the UK a tax is levied if the person giving the gift dies within seven years.
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Correct Graham. It's also taxed on a sliding scale based on how long you have had it before the gifter dies.
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So is it wholly dependent on the givers honesty to HMRC ????
(I can't imagine it being controlled or monitored in any other way !!)
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"Money laundering", under ANY disguise, is an extremely grievous offence !! I once, (not so long ago) wished to "give away" some property to a family member, only to be told that it would be, (not could be,) regarded as avoiding some tax or other, & even if I wanted to sell it to said family member for next to nothing in order to "get around the tax predicament, I could be prosecuted for money laundering !! Just saying, mind !!
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It would go unnoticed if paid into an existing bank account as they don't appear to check anything once an account has been up and running for a while. Eight years and not once has anyone asked me about money going into my account from the UK.As long as they get paid their tax on the savings I would like to think nothing will change this unless of course you are talking huge sums.