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Old 03.09.2011, 12:53
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Can a parent domiciled and resident in CH make a gift to son/daughter in the UK

My Father who is domiciled and resident in CH is considering giving me a cash lump sum. I live in the UK. He thinks as he pays his taxes in CH I would not have to pay any taxes in the UK on this "gift". Does anyone know if this is correct?
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Old 03.09.2011, 12:58
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Re: Can a parent domiciled and resident in CH make a gift to son/daughter in the UK

Interesting question. I am no expert, but I'd say as you are the tax payer in the UK, you would have to pay tax on it if it exceeds the allowable sum per year. (can't remember about £5000 per year).
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Old 03.09.2011, 13:22
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My Father who is domiciled and resident in CH is considering giving me a cash lump sum. I live in the UK. He thinks as he pays his taxes in CH I would not have to pay any taxes in the UK on this "gift". Does anyone know if this is correct?
There is definitely no tax to pay if your father lives for 7 years regardless of the sum. It could be a potentially exempt transfer. Information available on hm revenue web site

If your father was born in the uk it's possible that he is still liable to IHT on his death . The rules will probably change next year when uk tax issues get simplified.

UK domicile is nothing to do with where you live, it's where you or your father was born, it can be lost but not easily.

Life time gifts come out of tax free band which is £325,000

Last edited by fatmanfilms; 03.09.2011 at 13:42.
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