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Posted Sun, 24 Mar 2024 11:10:53 GMT by AP India
Are there any tax implications when receiving cash as bank transfer from friends as gift ( one is UK tax payer and another is non-UK tax payer) to help with mortgage payments? Is there a ceiling on the amount?
Posted Wed, 27 Mar 2024 10:23:07 GMT by HMRC Admin 5
Hi 

There are no income tax implications on the receipt of a cash gift unless the cash gift 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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