Hi, I would like to know the tax rate for giving a lump sum of money exceeding $3000 pounds as gift to my sister living overseas, Her husband is hospitalized requiring the money to attend an urgent medical operation. Thanks,
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My mother has transferred some money to my UK bank account before emigrating to UK with me. I have kept all the bank-in slip and related transaction information certifying that the money belongs to her. Now she would like to open a bank account in UK and have all the money tentatively kept in my bank account transferring back to her under her name. Would the bank accept the arrangement to have the money in my bank account transferring back to a new account under her name? Would there be any tax imposed on my mother for the money that I transferred to her, yet the money is actually her possession. Pauline Thanks,