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Living Blood related Aunt gift from UK

  • 19-05-2020 10:53pm
    #1
    fed777
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi My Moms sister wants to gift me and my 4 siblings about 10k each. She is looking to send me the 50k to divide up as she only wants to transfer it in one go. She says she would be charged too much by her bank in the UK to send it separately. She also owns a home here but I dont know how she intends to off load this yet, any tips on how to get the money over here? I presume red flags will be raised with such a transfer?
    Tagged:


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,887 ✭✭✭✭Calahonda52


    depending on how IT literate she or her network is, all 6 of you could set up revolut cards and she could transfer it to each of you.
    Its only a red flag if you intend not declaring it

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    fed777
    Registered Users, Registered Users 2 Posts: 3 ✭fed777


    thank you Calahonda52, so i could do that for her. What exactly is that benefit to her? does it mean she will not incur the fees for transfer?I know there are limited etc to amount to can transfer on Revolut which I will look into. Also, are you saying that on this end when it is received is will have to be declared? Would transferring 3k per year work maybe? what would be the difference between the lump sum or stage payments. I also looked into the favourite or designated nephew clause but one of the rules is that i would have had to have worked for or been employed by her.......she was a nurse....before she retired!


  • #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    fed777 wrote: »
    Hi My Moms sister wants to gift me and my 4 siblings about 10k each. She is looking to send me the 50k to divide up as she only wants to transfer it in one go. She says she would be charged too much by her bank in the UK to send it separately. She also owns a home here but I dont know how she intends to off load this yet, any tips on how to get the money over here? I presume red flags will be raised with such a transfer?

    You need get legal and financial advice as there may be repercussions down the line re inheritance taxes, nursing home clawback etc.


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