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Posted Mon, 27 Nov 2023 19:33:19 GMT by
Hello! I am a UK citizen and I have a parent abroad who wants to gift me a sum of money for my wedding (around 70k euros = 60k pounds). We are planning to do this by bank transfer and have all the necessary proof of funds. Will I need to pay any tax on this cash gift in the UK and do I need to declare it anywhere? Does the 7-year inheritance tax rule apply here? My parent is not in any way affiliated with the UK and has never been domiciled here. I am a UK resident and citizen and taxpayer. Thanks.
Posted Wed, 29 Nov 2023 15:35:35 GMT by HMRC Admin 5

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications
How Inheritance Tax works: thresholds, rules and allowances and
Inheritance Tax: general enquiries.  
You may also want to review the guidance at How Inheritance Tax works: thresholds, rules and allowances

Thank you


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