Receiving money as gift from abroad (India)

Hi there, I am British Citizen, in a full time job and a director in a company, since I get salary from my company, I have to do a self assessment every year! My question is my family in India wants to gift some money to me - for my sons higher education. 1) Do I need to declare it on the self assessment? 2) Will I be paying tax on it? 3) Is there a limit restrictions on the amount of money received? Thank you for your help in advance! Best wishes Sam

Hi Sam Moni,
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
There is no restriction on the amount that can be received.
Thank you. 

 
 

Thank you for your reply, much appreciated! Could someone also respond to point#1 ? Thanks Sam

Hi
As there is no tax liability for cash gifts, the gift does not need to be included in your tax return.