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Posted Sun, 27 Aug 2023 06:19:03 GMT by
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?
Posted Fri, 01 Sep 2023 07:13:54 GMT by HMRC Admin 25
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. 

Posted Sun, 10 Sep 2023 06:01:33 GMT by
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.
Posted Wed, 20 Sep 2023 07:54:41 GMT by HMRC Admin 25
Hi Sooda Bondai,
No Income Tax is payable on gifts of money.
Thank you. 


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