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Gift Tax for Cash Gift from Overseas (Hong Kong)

Posted Mon, 23 Oct 2023 22:25:34 GMT by
I am a UK Citizen who has moved abroad from Hong Kong on Oct 2021 and I am a tax payer in UK. I have received cash gift worth around £96,000 from my mother’s little brother who live and work in Hong Kong. He transferred to my bank account in Hong Kong and I remit to my UK bank account. Will I have to declare this and pay tax on it? Many Thanks.
HMRC Admin 5 Response
Posted Thu, 26 Oct 2023 15:56:32 GMT by HMRC Admin 5 Response
Hi

No.  As this is a cash gift, there is no income tax liability.  Any interest the gift generates may be taxable as foreign interest.

Thank you

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