French Father wants to give us £30k, implications?
Discussion
Morning all,
We are planning an extension and the wife's father has offered to give us £30k towards this. He is French and lives in France. The money is part of the pot of what would be the wife's inheritance anyway, but the father is still very much alive and well.
As it stands, we have been given 3 x blank cheques, the idea being to draw 3 x £10k. The wife thinks it may be best to use the cheques to pay the builders directly, however the problem here is that the work isn't due to start until September/October.
If we were to pay 3 x cheques for £10k each into our own account say over the next 3 months, is there likely to be any tax implications?
I've had a quick look this morning and have seen something around "Potentially Exempt Transfer" providing the father lives for more than 7 years after gifting the money (I'm sure that is his plan!), but this looks to be UK law. With the money originating from a French bank account I'm not really sure where we stand.
Any advice on the subject would be most welcome
We are planning an extension and the wife's father has offered to give us £30k towards this. He is French and lives in France. The money is part of the pot of what would be the wife's inheritance anyway, but the father is still very much alive and well.
As it stands, we have been given 3 x blank cheques, the idea being to draw 3 x £10k. The wife thinks it may be best to use the cheques to pay the builders directly, however the problem here is that the work isn't due to start until September/October.
If we were to pay 3 x cheques for £10k each into our own account say over the next 3 months, is there likely to be any tax implications?
I've had a quick look this morning and have seen something around "Potentially Exempt Transfer" providing the father lives for more than 7 years after gifting the money (I'm sure that is his plan!), but this looks to be UK law. With the money originating from a French bank account I'm not really sure where we stand.
Any advice on the subject would be most welcome
Assuming FiL is domiciled in France it will be French IHT laws.
Some reading
https://www.blevinsfranks.com/news/article/french-...
Some reading
https://www.blevinsfranks.com/news/article/french-...
worsy said:
Assuming FiL is domiciled in France it will be French IHT laws.
Some reading
https://www.blevinsfranks.com/news/article/french-...
Thank you, I have book marked and will read later - I was hoping someone would just give me the answer being a lazy arse Some reading
https://www.blevinsfranks.com/news/article/french-...
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