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Posted Sat, 02 Nov 2024 17:46:25 GMT by Eva
I’m planning a one-month trip around Asia with a friend who currently lives in Hong Kong. I will be paying in advance for car rental and accommodation, which my friend intends to pay the money back to me by transferring the amount (approximately £1,000 - £2,000) from her Hong Kong bank account to mine. This transfer isnot a gift or income. Do I need to declare this money to HMRC, or should I include any specific remarks when receiving it? Also, would it be wise to keep receipts as a record? Thank you.
Posted Mon, 04 Nov 2024 13:25:56 GMT by HMRC Admin 33
Hi,
We can confirm that 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.
Thank you.

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