Australian non tax resident- non-financial issues.

[Rajab Al Zarahni]

yogi100, on 04 Apr 2013 - 23:23, said:

The source was fellow who had no reason to fabricate a story, start a rumour and the information came over the counter in the lady in question's bank.

It still does not change the fact that this is third-hand hearsay and as you said yourself "...she did not clarify the reason nor did she tarry to find out how much the tax would be...". A web search has given me no indication of such tax. Aside from that, I never questioned the integrity of your friend but alluded to the possibility that the bank employee may have given wrong information or that your friend's daughter misinterpreted the information she was given. Let's just wait and see what transpires. If there is indeed such new tax it certainly won't take long for it to hit the media.

It would already have been in the media. New taxes are good headlines for the papers.

[LongTimeLurker]

I suspect that your friend's daughter may have been given wrong information by the bank's teller or she may have misunderstood or misinterpreted the information she received. Unless and until we have a quote of the text of a corresponding rule with a citation of the source I suggest that readers take your post as an uncorroborated rumour.

Sent from my Android tablet

Word has it, that it is a new ploy recently introduced to thwart those who may wish to avoid Inheritance Tax.

The source was fellow who had no reason to fabricate a story, start a rumour and the information came over the counter in the lady in question's bank.

Gotta call BS on that.

IHT is charged when you're dead.

Deas men don't write cheques.

Edited April 6, 2013 by LongTimeLurker

[LongTimeLurker]

This is nothing new.

Gifts over a certain amount have always been taxable.

Not by your bank.

[BlackPuddingBertha]

IHT is charged when you're dead.

Deas men don't write cheques.

This is true, but there may be an issue here of "potentially exempt transfers" that are IHT-free if the donor survives for 7 years after writing the cheque but may become taxable if he dies before.

Though in practice a gift of GBP3000 would normally be exempt from IHT anyway under other rules (made out of income and without impacting on the donors normal living costs).