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Posted Mon, 25 Mar 2024 23:32:46 GMT by L1972 L1972
Hi, Can I give my mum a cash gift of £50k, and if so, what are the tax implications for both of us? Thanks
Posted Wed, 27 Mar 2024 17:06:50 GMT by HMRC Admin 25 Response
Hi L1972 L1972,
There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to Inheritance Tax, regarding any Inheritance Tax implications:
How Inheritance Tax works: thresholds, rules and allowances
Thank you. 
Posted Fri, 11 Oct 2024 10:26:17 GMT by KinLee
My mother in law will give HKD4,000,000 (around 400,000 pounds) for me and her daughter to purchase a house in UK. She will give it to my HSBC account by cheque. Then I will remit the money to UK for purchasing a house. Do I need to declare to HMRC? I think it is not taxable. Do I need to provide any supporting documents as it is a gift? e.g. photo copy the cheque that showing the money from my mother in law.

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