waqas ameer
Joined: 12/16/2021
-
RE: Gift tax for cash gift from overseas
Hello there, I am UK resident and wanting to buy a house in UK. I was originally from Pakistan and become UK national in 2014. I live with my wife and kids in UK. We are renting a house but want to buy our own house. My father and rest of my family is back home. My father wants to gift me money around £50,000 by transferring from abroad to my UK account so that I can buy a house in UK. Will that amount be tax free. I also have have few properties their and planning to sell them so that I can bring money to UK in order to buy a house. It will be around £60,000. I will be transferring them from my bank back home to my UK bank account. Will I be taxed for it? Any guidance will be much appreciated.