New Homeowner88
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What are the tax implications for buying a property with money gifted to me from abroad?
My dad lived in the UK for 30 years as a resident. He recently moved to Bahrain for work and lives there for most of the year. He wants to gift me £280,000 for a house purchase in the UK for myself (a UK resident). Will there be any tax implications for this purchase at all? Either at the time of purchase or even when I come to sell it in 5-10 years time? It is my understanding that HMRC are only interested on interest and dividends generated, but I would like some further information on this. Ideally to clarify any further taxes that either myself, my dad or the house would be subject to. Thank you in advance.