An ex pat now living in Thailand, and has done for about 8 years, has gifted me money.
As he's non domicile, I understand that this is not subject to inhetitnace tax.
However, this money was gifted from his UK bank account, does the same rule still apply, is it still exmept from inhertitance tax.
Actually, could I add to the above question.? Given that he's non dom, would this class as an oveseas gift, or as it's coming from a UK bank, would it be classed as a UK gift. And would either of them be subject to the 7 year rule ?
I'm a UK resident, born abd bred, and a UK tax payer.
I have a close personal friend (also UK born and bred) who now lives over seas and is no longer a UK domicile, also no longer a UK tax payer.
He's going to send me a monetary gift, from a UK bank account.
Is this subject to any form of UK tax, whether that be income or inheritance related.