Source of Income

Hello If £5000 to £10000 is sent to my bank by a friend, at the end of the financial year when I file for tax returns will I have to pay tax on it? And will I have explain about its (the money) source?

Hi Sooda Bondai,
You havent said what its for so I cannot confirm.
You may need to explain to your bank where it came from.
Thank you. 

 

Hi, many thanks for your reply I guess that is my point, does what it's for matter in this case and would that need to be explained? Let's say it was a "gift" from said friend.

Hi Sooda Bondai,
No Income Tax is payable on gifts of money.
Thank you.