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Gift for my son in the US

Posted Sun, 28 May 2023 06:18:26 GMT by
Hi, I would like to gift my son £50k GBP to help him buy a home. He lives in the US. What are the tax implications and reporting requirements for me and for him?
HMRC Admin 25
Posted Thu, 01 Jun 2023 05:37:46 GMT by HMRC Admin 25
Hi Adam Abrahami,
There is no tax implication for you but your son will need to check with the US tax authorities to see if this is taxable.
Thank you. 

 

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