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Posted Fri, 05 Apr 2024 03:39:49 GMT by Wayne Liu
Hi HMRC admin, I am currently domiciled and having resident status in the UK. My parents were stuck in the UK during COVID which accidentally gains them resident status but they do not consider UK as their permanently home. Recently they have sold their land to the government in Hong Kong which pass through all of the legislation and taxation with the buyer (the gov itself). They are planning to gift part of the capital gain to me. Will there be any taxation regarding on this inheritage or gift based on my situation and will there be any taxation if I remit the money from foreign bank account to the UK? Do I have to report and self access with the HMRC? Many thanks, Wayne
Posted Mon, 15 Apr 2024 13:18:46 GMT by HMRC Admin 19
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. 

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