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Posted Sun, 01 May 2022 22:57:30 GMT by Mye
Hi, My son and I have ILR status here in the UK. My son’s father is in America and is sending us money to help us with our expenses here. Does this need to be taxed/ declared?
Posted Wed, 04 May 2022 13:10:10 GMT by HMRC Admin 17

Hi,
 
There is no Income Tax implications on the gifting of this money unless it generates interest in a bank account,
in which case the interst would be subject to Income Tax.

thank you.
Posted Mon, 27 Jun 2022 10:31:25 GMT by Ss
Hi, If I receive just over £16,000 via bank transfer from my cousin in India from money that is mine so I need to declare it and do I need to pay tax? Even after the banks have deducted their costs.
Posted Tue, 28 Jun 2022 14:00:53 GMT by HMRC Admin 17

Hi,
 
There are no income tax implications on the receipt of a cash gift unless the
income generates interest or dividends.

These would then potentially be subject to tax. 

Further guidance can be found here :

Tax on savings interest  and :

Tax on dividends  .

Thank you.
 

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