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Dear HMRC, I moved to the UK in October 2022 from Hong Kong with a BNO visa. And I am a UK tax resident starting in 2022/2023. My parents in Hong Kong would like to give me £50,000 one time to my UK bank account for purchasing a house. Do I need to pay any tax or declare this in this situation? Thank you for your assistance. Thank you

Hi Alfred Chan,
There are no tax implication on the receipt of a cash gift.
Thank you.

Thank you for the information. I understand that to qualify for tax-free status, a cash gift must fall within the £3,000 annual exemption limit. Could you clarify whether receiving over £3,000 in one year would still be considered tax-free?

Hi Alfred Chan,
The £3000 limit is only for Inheritance tax purposes.
You can still gift any amount over that but this would then be taken into account if the person making the gift passes away within 7 years. it is then added as income as part of the estate.
Thank you.