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Posted Mon, 20 Nov 2023 15:32:46 GMT by
My mother who lives overseas and is not a British citizen wants to sell her overseas property and transfer the proceeds to a UK bank account. I will open a bank account under my name in the UK but not use any money from it. I will open an account in my name because it is easier. However, the agreement with my mother is that the money deposited remains her property. 1) Are there any tax implications for me? 2) For my mother in the UK? She will only come for short visits to the UK. 3) Will I be required to submit any representations to HMRC? 4) How do I ensure that I comply with any anti-money laundering requirements? Is there a list of documents that need to be prepared and presented? Thank you.
Posted Tue, 21 Nov 2023 15:59:01 GMT by HMRC Admin 10 Response
Hi
The only tax implication is that any interest generated from it will be your income as the bank account is in your name only.
You will need to check with the bank on what documentation is required in respect of anti money laundering.

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