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Posted Thu, 09 Nov 2023 15:27:35 GMT by
Hello, My parents have deposited cash £10000 directly into my oversea account and it is not under their bank account for gift. Will it assume the cash as my oversea income? Further, does my parents need to declare that it is a gift from them to me? Do I need to submit the self-assessment? As I am a full-time mum in UK and my oversea annual saving interest is below £300, do I need to submit the tax return form? Thank you in advance.
Posted Fri, 17 Nov 2023 15:36:50 GMT by HMRC Admin 20 Response
Hi MANNH,
This is seen as a cash gift and no tax is due.
Thank you.
Posted Fri, 17 Nov 2023 16:10:57 GMT by
Thanks for your reply. How about my oversea annual saving interest is below £300, do I need to submit the tax return form?
Posted Wed, 22 Nov 2023 10:46:56 GMT by HMRC Admin 5 Response
Hi MANNH

Being in receipt of foreign income, no matter the amount, is criteria for completing as self assessment tax return.  
This means you would need to complete a self assessment tax return, even if no tax is payable on the overseas interest.

Thank you

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