Author Topic: Tax on gifted money  (Read 1266 times)

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Offline Kevin Sowten

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Tax on gifted money
« on: July 01, 2013, 14:17:35 PM »
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 ?   ;)  )

Offline grahamturner09

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Tax on gifted money
« Reply #1 on: July 01, 2013, 18:46:09 PM »
There is no tax on gifted money in the UK a tax is levied if the person giving the gift dies within seven years.

Offline stoop

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Tax on gifted money
« Reply #2 on: July 01, 2013, 19:21:09 PM »
Correct Graham. It's also taxed on a sliding scale based on how long you have had it before the gifter dies.

Offline Kevin Sowten

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Re: Tax on gifted money
« Reply #3 on: July 01, 2013, 19:50:22 PM »
So is it wholly dependent on the givers honesty to HMRC ????
(I can't imagine it being controlled or monitored in any other way !!)

Offline GordonA

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Re: Tax on gifted money
« Reply #4 on: July 01, 2013, 21:50:28 PM »
"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 !!

Offline mac2010

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Re: Tax on gifted money
« Reply #5 on: July 02, 2013, 13:00:39 PM »
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.




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