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Posted Fri, 04 Mar 2022 11:52:22 GMT by Laura Mikutyte
Hi, I live in Uk, resident and tax payer. My dad from EU country wants to give 80,000£ How to declare this as a gift , what tax do I need to pay? If it falls to less than 80,000, what implications would it be ? Thank you. Laura
Posted Fri, 04 Mar 2022 16:58:27 GMT by HMRC Admin 2
Hi,

There are no Income Tax implications on the gifting of money unless this generates interest in which case the interest would need to be reported for Income Tax purposes. 

Thank you.

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