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Tax on foreign cash transfer

Discussion in 'Accounting and Legal' started by Pierre, May 29, 2017.

  1. Pierre

    Pierre New Member

    Hello,

    I have these two following questions regarding inheritance and tax. I would be very grateful to get your views/input.

    Context - I am French and have been living in the UK for the past 9 years. I am therefore a UK resident. My parents are UK non-resident, UK non-domiciled and have no asset or economic interest in the UK. They live in France.

    Question 1 - My parents are about to donate a gift of money. The French law authorise parents to donate money exempt of tax every 15 years. From a French perspective, I will therefore not be liable to pay tax on this gift. I am however planning to transfer this money to the UK and want to make sure that I am not liable on any UK tax? I would be grateful if you could please confirm this statement. I do understand that tax will have to be paid on any subsequent revenue generated from this gift. But my question is really on whether tax need to be paid when I transfer the money from France to the UK? Lastly, I am also wondering whether I will be required to declare to the British authorities that I have received this gift?

    Question 2 - 15 years ago, prior to moving to the UK, I received a first donation of money, which I then invested in France in a life insurance scheme. According to French law, because this life insurance has now come to maturity (invested for 10 years), I am now allowed to take the money out without having to pay any tax on the generated interest. However, I am now a UK resident and was wondering whether I would need to declare this income and pay tax on it in the UK?

    Thanks a lot for your help. I look forward to reading from you.
     
  2. Lupita

    Lupita Member

    Far tco complex and complicated for the average freelancer to help with Pierre! Suggest you take tailored tax and immigration advice from someone's who an expert in both fields!

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    Moore News Ltd - expert care for your editorial needs.
     

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