Recieving large BACS transfer - anything I should know?

[[TW]Fox]

Sorry, I said BACS out of habit - I meant a bank transfer of any sort. No problem about the 10k limit as the transfer will be done in person at a bank rather than online (it is my Dad after all, he doesn't have a clue about technology).

BACS isn't an internet banking thing - even if he goes into his branch to send the money you might still get hit for fees?

 

[energy]

BACS isn't an internet banking thing - even if he goes into his branch to send the money you might still get hit for fees?

I'm sure there will be fees whatever method he uses - the poster mentioned a 10k limit when transferring online so I was just saying the limitation won't be a problem. We will look into the best method of transfer, just substitute "BACS" in the original post with "Bank transfer"

 

[Dr House]

£60,000. I do intend on checking with a reliable source, but 10pm on a bank holiday Monday isn't the ideal time! I was just wandering if anyone happened to know.

Dude its 60k coming from your a EU country and from your dad. You dont have to worry about anything. I swiped 50k (auction deposit on a house) on my debit card a couple of months ago from a account that is almost never used and the bank did not even call me to confirm the payment

It may sound like a lot of money to you and me but int he banking world its really nothing and if you have decent amounts of money moving in and out it should not cause a problem.

Worst case you may just a call from your bank that is all.

 

[[FnG]magnolia]

OP, I won't quote your very correct rebuffs to my reply but you still need an Accountant.

 

[energy]

Ok here is my understanding (I have not live in the uk for years so it my have changed).

Any gifts received from a non-relatives are tax free upto 50k, over that you pay income tax.

any gift from a relative is tax free however if they die within 7 years you will be liable for inheritance theft err sorry tax.

All wedding gifts are tax free so if you are planning to get married soon and you think you may have a tax liability you may want to consider them waiting to give you the money.

If you are going to receive over 50k as a gift from a non family member I would suggest you look very carefully at your options as there are ways of doing things.

Also as someone mentioned check what currency the money is being sent it, if for example they are sending you the money in euros I would consider getting a specialist money exchange company do the exchange for you or open a euro account with your bank and just hold it in Euro until you are ready to change it.

Many thanks for the info - thats the sort of info I was after. The sender's my Dad so hopefuly we won't have any tax issues then, whether he passes away within 7 years or not is another matter...

 

[ToxicTBag]

I allways thought that any transaction/bacs transfer/deposits of £3000 or more and HMRC were automatically informed maybe wrong but thats my understanding.

 

[Dr House]

Many thanks for the info - thats the sort of info I was after. The sender's my Dad so hopefuly we won't have any tax issues then, whether he passes away within 7 years or not is another matter...

That will only be a issue if he leaves you another total assets of over 650k (inc the 60k) assuming your mum is not around. or 350k if not combining the allowances

 

[energy]

Dude its 60k coming from your a EU country and from your dad. You dont have to worry about anything. I swiped 50k (auction deposit on a house) on my debit card a couple of months ago from a account that is almost never used and the bank did not even call me to confirm the payment it may sound like a lot of money to you and me but int he banking world its really nothing and if you have decent amounts of money moving in and out it should not cause a problem. Worst case you may just a call from your bank that is all.

Not so much worried, just wandering if there is any paperwork etc which needs to be in order e.g. some official statement signed by my dad to confirm it is a gift in case I'm ever queried - more so that I'm self employed and always wary of any money entering my account that isn't earned!

OP, I won't quote your very correct rebuffs to my reply but you still need an Accountant.

Definately, as mentioned before, I'm only checking on here because I'm impatient and can't phone the bank at the moment I'm doing my tax return in the next few weeks so I'll ask my accountant while I'm there.

Thanks for the info guys!

 

[Dr House]

I allways thought that any transaction/bacs transfer/deposits of £3000 or more and HMRC were automatically informed maybe wrong but thats my understanding.

I think uk law says an single cash transaction over 5k has to be reported to HM Customs & Excise or any purchase which takes the individual's purchases within any 12 months period over £10,000 in cash.

I think eu law is 15k euro.

This is more to do with money laundering then anything else, even if your transaction is reported nothing will come of it as I assume its all ligit money.

I could be wrong on the above.

 

[energy]

I allways thought that any transaction/bacs transfer/deposits of £3000 or more and HMRC were automatically informed maybe wrong but thats my understanding.

I've heard that (with varying amounts from £3,000 to £10,000) from loads of different people and assume its a myth - certainly not £3,000 in any case.

After all if there was a standard amount, people would just split the sum and transfer it over a few days

That will only be a issue if he leaves you another total assets of over 650k

(Un)fortunately that will never be the case!

 

[energy]

I think uk law says an single cash transaction over 5k has to be reported to HM Customs & Excise or any purchase which takes the individual's purchases within any 12 months period over £10,000 in cash. This is more to do with money laundering then anything else, even if your transaction is reported nothing will come of it as I assume its all ligit money.
I could be wrong on the above.

Yes its all legit money, its a redundancy pay and we want to buy a house so that my parents can come and visit me and my sister as they please, I'll be buying the property and paying the mortgage so thats why he's sending the money to my account - unless my conversation with the accountant/bank etc reveals a better way.

 

[MuttsNutts]

EU Country so the rules are laxed abit plus i guess with it being from your Dad the Surname will be the same so that helps in it going under the radar, again you have had a few 3k's going in from the same account into the same account then should be fine.

One thing I have found with Banks if it's a Current account and you send and receive large amounts and it's a odd transaction than normal, they call you only if it's money going out of your account as that's abnormal, Happend to me a few years back Bank rang me coz of a large payment I made overseas's they questioned how I managed to take cash out of a cash machine in the UK then only 2 hours later cash out of a cash machine in france, then made a card payment in a petrol station in Germany later the same day, then the morning after a large bank transfer over 100k to a company in Romania.... The girl on the phone to me was confused as to this as the the account in question was only ever used for household bills in the UK, then boom all the overseas activity and the large sums, it was only formal and it was to check it was me and not anyone that had used my account without me knowing.
The reason for the trip was Charity work and my account was used because it was easy for me to access it oversea's as I stood in for someone at the last min for the trip and i didn't have permission yet to access the Charity bank Account, Shame as the just over 100k was in may account for only a matter of about 3 hours....LOL