How much money can someone send you from the UK.
Feb 29th 2012, 6:34 pm
#1
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How much money can someone send you from the UK.
My father wants to send me some of the proceeds of a house he just sold.
How much can he send and is there tax payable this end on the amount ?
How much can he send and is there tax payable this end on the amount ?
Last edited by ozzieeagle; Feb 29th 2012 at 6:40 pm.
Feb 29th 2012, 7:01 pm
#2
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Re: How much money can someone send you from the UK.
No there is no tax on gifts of money, he can send what he wants. There could be inheritance tax implications in the UK.
Feb 29th 2012, 7:58 pm
#4
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Re: How much money can someone send you from the UK.
Feb 29th 2012, 8:03 pm
#5
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Re: How much money can someone send you from the UK.
What if he deposits the money in a UK account and you then transfer it over??? The money from my dad's house will come over that way, if it ever sells.
God knows I need it now as I'm about to quit my job.
God knows I need it now as I'm about to quit my job.
Feb 29th 2012, 8:14 pm
#6
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Re: How much money can someone send you from the UK.
What do you mean? I can't see what the precise route the money takes makes any difference to the tax situation.
Feb 29th 2012, 8:41 pm
#7
Joined: Jun 2006
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Re: How much money can someone send you from the UK.
No limit. If cash it must be declared but I doubt you will be transporting it in suitcases. As someone said amounts over 10k are reported to Austrak. If the money is legit and no tax is owing then there is no problem.
There is no inheritance tax here however as someone else pointed out there maybe UK tax implications.
There is no inheritance tax here however as someone else pointed out there maybe UK tax implications.
Feb 29th 2012, 9:06 pm
#8
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Re: How much money can someone send you from the UK.
Mar 1st 2012, 12:52 am
#9
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Re: How much money can someone send you from the UK.
He can send me as much as he'd like. I'm not fussy.
split it wiv ya?
Mar 1st 2012, 8:03 am
#11
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Re: How much money can someone send you from the UK.
Mar 1st 2012, 8:50 am
#12
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Re: How much money can someone send you from the UK.
The Inheritance tax is a bit of a worry though.... Especially for my Brother and Sister in the UK.
Hopefully he keeps going
Mar 1st 2012, 9:00 am
#13
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Re: How much money can someone send you from the UK.
I don't think there is a gift tax any more in the UK...but if your father dies within 7 years of the 'gift' it is counted as part of his estate and may be liable for inheritance tax. So don't spend it all because you may have to give some of it back.
Mar 1st 2012, 9:03 am
#14
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Re: How much money can someone send you from the UK.
What happens if it's a jointly signed cheque ? My Mother will definitely live more than 7 years IMO.
Last edited by ozzieeagle; Mar 1st 2012 at 9:05 am.
Mar 1st 2012, 9:06 am
#15
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Re: How much money can someone send you from the UK.
I don't know...at a guess half would be included in his estate.
I have no idea of the tax implications from the Australian tax man.
