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Posted Mon, 06 Nov 2023 20:38:19 GMT by reesug
I am a naturalised UK citizen and my mother who is an Indian citizen would like to gift me some money. Could you advise me if there are any cap on the amount of funds she can gift to me in a year, any tax implications I need to be aware of, or regulations I need to comply with when the funds are transferred to my UK account? Would be grateful for any assistance you can provide on this query.
Posted Wed, 08 Nov 2023 16:21:33 GMT by HMRC Admin 10
Hi
There is no cap on the amount of gift that can be given as this is tax free.
However, for Inheritance tax purposes, the limit is £3000 per year so that it is not considered part of the estate.
Any other payments are part of the estate if given within 7 years of death.
Posted Wed, 08 Nov 2023 16:52:37 GMT by reesug
Thank you very much for your prompt response. Could you please clarify if a UK citizen domiciled in the UK needs to pay inheritance tax when inheriting an overseas estate from parents who are non-UK (i.e., Indian) citizens domiciled outside the UK?

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