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Thank you for the above information.
Could you please clarify if I will need to declare the gift on my self assessment tax return?
Thank you for the reply. Sorry for the delayed response to your reply. I have clarified with HMRC reg. the inheritance tax. No problems there. Given the above circumstances ,Do I need to declare this to the HMRC when I file the returns,What is the relevance SA106 FOREIGN SECTION 42 etc , to this situation . Please clarify. Much appreciated.
Hi I am a UK resident, domicilled for tax purposes, for more than 17 yrs. I am an indian citizen. A family friend , from our village in India wants to gift money of about £ 500000 to me. Currently he lives and works in Nigeria, Is it necessary to declare that to HMRC and are there any tax to be paid on that amount?