Gift Tax for Cash Gift from Overseas (Hong Kong)

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.

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

Hi, I landed in UK since Sept 2023. From Feb 2024 , I am receiving around GBP1400 per month as a gift from my friend she is in Hong Kong. Do i need to declare those gift to HMRC and pay tax ? thanks

Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you.