Transferring $ from the UK
#1
Just Joined
Thread Starter
Joined: Sep 2021
Posts: 1
Transferring $ from the UK
Hi,
My UK based parents have sold an investment property and were looking at gifting us the money.
Does anyone have any experience in being gifted money by UK based parents and transferring this from the UK?
Looking for any advice on tax implications etc.
thanks!
My UK based parents have sold an investment property and were looking at gifting us the money.
Does anyone have any experience in being gifted money by UK based parents and transferring this from the UK?
Looking for any advice on tax implications etc.
thanks!
#2
Re: Transferring $ from the UK
https://community.ato.gov.au/t5/Tax/...es/ta-p/148318
Looks like no tax implications.....which was a surprise as I had $14k in mind.
Looks like no tax implications.....which was a surprise as I had $14k in mind.
#3
Last resort... format c:/
Joined: Mar 2012
Location: Singapore to Surfers Paradise to... Tenerife... to Gran Canaria!
Posts: 1,627
Re: Transferring $ from the UK
Interesting. Very interesting.
If you are gifted money then neither the donor or the receiver are liable for tax.
But if you are gifted crypto or shares then the donor could be liable.
I have a funny feeling that the first notion of gifting money tax-free for both sides only applies to AUD. Because otherwise there could be CGT involved if you were gifting foreign currencies which could have appreciated over time.
If you are gifted money then neither the donor or the receiver are liable for tax.
But if you are gifted crypto or shares then the donor could be liable.
I have a funny feeling that the first notion of gifting money tax-free for both sides only applies to AUD. Because otherwise there could be CGT involved if you were gifting foreign currencies which could have appreciated over time.
#4
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Transferring $ from the UK
So long as your parents survive at least 7 years from the date of making the gift it will not form part of their estate when computing IHT.
Best regards.