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Posted Tue, 28 Jun 2022 17:21:03 GMT by Patricia Marce
Hi, I am UK resident and my family lives in Spain. They would like to transfer 40K to my account to help me to buy a house. Do I need to pay taxes for this income or declare it to the HMRC? This is from their normal saving account and they are not generating interest. Thanks
Posted Thu, 07 Jul 2022 07:25:34 GMT by HMRC Admin 19

Please note that gifts of money from overseas are non taxable. However, you may have to declare any interest that arises when the money is deposited in your UK bank account.

Thank you.

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