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Gift of money from abroad to the UK

(2 Posts)
wahwahwah Wed 19-Oct-11 13:14:19

DHs grandfather is giving a gift of quite a bit of money to DHs mum. DHs mum wants to gift part of the gift to DH and his brother. Grandfather lives abroad (and is very old and frail) and we all live in the UK.

Doea anyone know what the implications are regarding a gift of a lump sum:
A) it is coming from abroad, so will money laumdering rules apply
B) it is a gift - so will we pay capital gains or other such taxes on it
C) the sum is coming from an aged relative (albeit via his daughter). If, god forbid, he dies within the (UKs rule) 7 years, will it be taxed under inheritance?

Not sure who to go to - an accountant, lawyer...

Gonzo33 Wed 19-Oct-11 14:22:21

www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/PlanningYourPersonalFinances/DG_10013916

That looks like it covers it. Although it might be as clear as mud!

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