I am a student in the UK with a pre-settled status (it should become a settled status in a couple of months). I am 24, almost 25 years old. My dad lives and is a permanent resident of Canada. I am French and so is my dad.
He wants to wire me a little less than 600,000 pounds so that I can buy a property in France. The money would transit through my British account, as I would use my British account to make the purchase in France. In short, the money would do: Canada --> UK --> France.
I think that this may qualify as a 'cash gift', and from what I have seen on this forum, it seems to be tax free. I have three questions:
1) Is this a cash gift and is it actually tax free?
2) Even though I might not have to pay an income tax, would I need to pay an inheritance tax at any point (for instance if my dad was to pass away within a certain time frame)?
3) Do I need to declare anything, or can I simply proceed with the transfer.
Thank you for your help!