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Posted Mon, 12 Feb 2024 18:22:10 GMT by
I've been tax resident in the UK for the last 5 or so years. I've recently started looking to buying a property in the UK to live. For this reason I'm considering bringing from overseas money from different sources: 1) My own savings from employment prior to having moved to the UK, which already have paid tax and have been staying in a bank account without any interested from the moment I moved to the UK. 2) A cash gift from a relative. 3) A loan from a friend which I will commit to pay back in instalments, something like 10,000 which I will pay back in instalments of 500 Do I need to make any declaration to the HMRC for any of these transactions? Do I pay any tax on any of these transactions? Thanks in advance
Posted Thu, 15 Feb 2024 16:24:15 GMT by HMRC Admin 5
Hi

1) This is classes as capital and is not taxable.  
2)  Cash gifts are not taxable.  
3) There is nothing to declare for tax purposes, regarding a loan

Thank you

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