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Transferring $ from the UK

Transferring $ from the UK

Old Sep 1st 2021, 5:59 pm
  #1  
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Default 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!

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Old Sep 1st 2021, 9:13 pm
  #2  
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Default 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.
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Old Sep 10th 2021, 12:54 pm
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Default 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.
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Old Sep 12th 2021, 5:19 pm
  #4  
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Default Re: Transferring $ from the UK

Originally Posted by Idemp
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!
This sounds like a potentially exempt transfer for UK IHT purposes.

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.
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