Tax advice for a cash gift from parents (EC nationals)

  • Posted
  • Proposals 4
  • Remote
  • #27256
  • Archived
Tim L.Tom M.Alex W.Tax QED T. have already sent a proposal.
  • 0

Description

Experience Level: Expert
Hi,

I need some simple answer to the tax related question below.

My parents who are non-UK citizens (EU citizens) want to give me (I live and pay tax in the UK) some money to help towards the purchase of a Flat in London.

Is there any way in which they can give me the money minimizing the tax liability for them and for me. Which is the best way?

If they gave me the money would i be liable to Inheritance tax, capital gains tax or Income tax?

Clarification Board

    There are no clarification messages.