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Posted Tue, 07 Nov 2023 17:37:43 GMT by
I have recently received some inheritance money from a UK investment fund, but due to legal weirdness, it is currently in my parents bank account, as the initial inheritance was set up in their name when I was a child. My parents are UK citizens but Swiss residents, and pay Swiss tax. I am a UK citizen and pay UK tax. Would there be any legal or tax implications of them transferring the 5 figure sum of money from their Swiss bank account to mine (a UK bank account)? Thanks
Posted Wed, 08 Nov 2023 11:15:14 GMT by HMRC Admin 17

Hi,
 
If it has already been declared as part of the deceased's estate for inheritance tax purposes,
there is no tax implications for you as an individual  .

Thank you. 
Posted Wed, 08 Nov 2023 12:43:47 GMT by
In this instance, the individual is not dead, they have simply decided to hand out their will early. Basically, are there any tax implications for transferring a 5 figure sum from a Swiss bank account owned by a Swiss resident, to a UK bank account owned by a different person (me, in this case)?
Posted Fri, 10 Nov 2023 07:19:50 GMT by HMRC Admin 25
Hi dreadzone50,
No, cash gifts are not taxable.
Any interest you generate from the gift, however, is taxable.
Thank you. 

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