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Posted Sun, 12 May 2024 17:00:35 GMT by klyveld
Dear Sir/Madam, I am a dual citizen (originally Australian, now also British after working here), currently a UK resident for tax purposes. I am a beneficiary of Discretionary Trust established in Australia (this is before moving to the UK). I have two questions: 1) If the Trust gifts me money (approx £80,000)- will there be tax implications for this? 2) If the trust were to instead loan me the same amount (not interest free), will this have tax implications and need to be declared to HRMC? All amounts discussed have already been subject to Australian Tax Thanks in advance for your response
Posted Thu, 16 May 2024 05:47:31 GMT by HMRC Admin 25
Hi klyveld,
Please refer to:
Tax on foreign income
Thank you. 

 

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