Receiving monthly money from abroad via a business account

Hi, I am a UK citizen and my father is not and lives abroad. He has different businesses in countries like Dubai, Kuwait, Pakistan, Canada and America. He wants to send me money, around £3000 a month for personal use such as rent etc from his business accounts in those countries. The money is already taxed in its country of origin and he is allowed to send it this way. Is this allowed or not?

Hi,

There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.  Further guidance can be found here Tax on savings interest and Tax on dividends
There is no inheritance tax implications either.

Thank you

Hi, I thought the cash gift allowance was £3000 annually. I am going to receive £3000 monthly and that from an overseas business account. Will that still be acceptable? Thank you

Hi Suls
The £3000 annual limit is for gifts that do not need to be included for Inheritance tax purposes.
As you will exceed this, any gifts made need to be included as part of the estate income if the person dies within 7 years.
Thank you.