- May 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Receiving a Large Sum of Money from Overseas
Hello,
I am in the process of receiving a substantial amount of money, anywhere between £100-200k, from my father who resides in Poland and is not domiciled in the UK. The funds are intended for investment purposes and are unencumbered. The money stems from the sale of inherited property that belonged to my grandfather, which my father acquired after his passing with no will in place.
## Secure Transfer of Funds and Tax Implications
Considering the significant sum involved, I am seeking guidance on the most secure way to transfer these funds to my bank account. Furthermore, I am interested in understanding any potential tax implications that may arise if I decide to use the funds for investment purposes once they are in my possession.
## Clarifying the Nature of the Funds
In addition, I would like clarification on whether these funds, if sent as a gift, still qualify as unencumbered funds and can be freely used for investment purposes.
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****** just grabbed a
Seems like these HMRC answers covers your question 2:
[https://community.hmrc.gov.uk/customerforums/pt/85bbe55b-970a-ed11-b5cf-00155d973ade](https://community.hmrc.gov.uk/customerforums/pt/85bbe55b-970a-ed11-b5cf-00155d973ade)
[https://community.hmrc.gov.uk/customerforums/pt/8d15fffc-4393-eb11-8ced-00155d9c86c6](https://community.hmrc.gov.uk/customerforums/pt/8d15fffc-4393-eb11-8ced-00155d9c86c6)
When getting that money into the UK banking system they will likely ask questions regarding the source of those funds. So make it easy for yourself and begin gathering documentation that covers the situation.
Hi /u/thisrevertgirl, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/gifts-and-inheritance-tax/
* https://ukpersonal.finance/lump-sum/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
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Thanks everyone for advice, seems it will not be an issue 🙂
The best thing would be to find a local branch of who you bank with, get an appointment with someone that didn’t start working there last week.
Explain who, why and where theyve got the funds, where they want to send them to to the staff member. Them let them explain.
You can almost guarantee they’ll want to see proof of funds/statements from your father’s bank account though.
I am sorry that you lost your granddad.
Your dad got the asset, and any tax liabilities will go to him.
All of the money you’ll be getting is a GIFT not income.
You should use Wise for international transfers. They offer cheap and fast money transfer services.
Przelewasz z konta na konto i tyle;)
Przelewałem po kilkadziesiąt tysięcy w obie strony i nigdy nie miałem problemu
Oba konta w PL i UK są na mnie
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