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Posted Sun, 15 Sep 2024 19:16:45 GMT by joser
I am a pre-settled EU citizen (soon would be settled) planning to buy a home in the UK. My sister-in-law, who lives overseas, wants to give us a cash gift of £200k towards the deposit for our first home. I have a few questions: 1) Can a non-UK resident family member, like a sister-in-law or even a friend, give a cash gift for a property purchase? 2) Is there a limit on the amount of cash gifts that can be received from overseas? 3) Will I need to pay tax on this cash gift? 4) What documents do I need to provide to HMRC to prove the gift?
Posted Tue, 24 Sep 2024 13:16:19 GMT by HMRC Admin 32 Response
Hi,
There are no tax implication on the giving or receiving of cash gifts. There is no limit to giving or receiving a cash gift. Any interet the cash gift generates, is taxable and should be declared. You do not need to declare the cash gift.
Thank you.

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