Gift from parent

[Kiz_]

Hi,

Is there a limit on the amount of money a parent from India can gift a child resident in the UK? I'm assuming gift from parents would not be taxed.

Child is now a British Citizen.

Thanks,
Kiz

[alterhase58]

If we are talking about a transfer of cash into the child's bank account then the limit is about £10000 being the annual tax-free allowance in the UK (and yes children's income could be taxed if it's above this). If you were in the UK and and gifting cash and/or property to your children those could be free of inheritance tax depending on how long you live after the gift (sat my tax paper many many years ago so not too familiar with the latest rules).

[Kiz_]

When I say child, the child is an adult settled in the UK whose parents are in India. We are wanting to transfer a larger some as this will help us to buy a property here so we can stop paying rent.

I've read somewhere there is a limit of $200k, but information is xcontradictory and not clear.

[alterhase58]

I am not aware of specific limits - the UK doesn't have exchange or capital controls so generally no limits. There are limits for certain methods of transfer, such as "Faster Payment" but that's UK internal.
One thing to be aware of is that under money laundering regulations banks monitor customer accounts for unusual movements in/out, large cash amounts, and money from abroad, so it may be an idea to tell the bank when a large amount is is expected.