UK taxation treatment from oversea Hong Kong payment
Discussion
Hi,
I will be receiving an oversea payment from my parents soon, but I am perplexed with the tax treatment (if any) upon receipt into my UK bank accounts.
Some background information:
My mother (Hong Kong resident) has disposed of 2 properties and the net proceeds will shared equally between the son's.
My share of the net proceeds will initially be paid into my Hong Kong bank account (to open), but I will eventually need to transfer the sum over to my UK bank account to access the funds.
I reside in the UK / UK tax payer with my own Ltd company (Banking contractor).
My parents are very elderly and we don't expect them to be hanging around for long. If / when they pass away, are there any Hong Kong IHT tax implication on their estate?
Or
Does HMRC regard this payment as a gift from my mother, and therefore hit me an IHT claim as per the 7 years rule?
Thanks
Tom
I will be receiving an oversea payment from my parents soon, but I am perplexed with the tax treatment (if any) upon receipt into my UK bank accounts.
Some background information:
My mother (Hong Kong resident) has disposed of 2 properties and the net proceeds will shared equally between the son's.
My share of the net proceeds will initially be paid into my Hong Kong bank account (to open), but I will eventually need to transfer the sum over to my UK bank account to access the funds.
I reside in the UK / UK tax payer with my own Ltd company (Banking contractor).
My parents are very elderly and we don't expect them to be hanging around for long. If / when they pass away, are there any Hong Kong IHT tax implication on their estate?
Or
Does HMRC regard this payment as a gift from my mother, and therefore hit me an IHT claim as per the 7 years rule?
Thanks
Tom
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