Giving my 3 grown up children money from abroad

My wife and I are living in Greece for the last 11 years ..retired over 70 but only I pay a small amount of tax on a private pension.We are both tax residents of uk and have UK banks. We are selling our house in Greece....going rented...and want to give our 3 married children £50,000 each...into their UK banks. Apart from tax on interest when in the banking system ...is there any other tax liabilities due.....there is no capital gains tax in greece. We have no other assets other than the house we are selling...for...225,000 euros

Hello No replies yet.....any help from HMRC admin ??

Hi treborsenots,

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.

Hello Thank you for your information on income tax.....ie only on intrest made. Would there be any UK capital gains tax liability ? Thank you

Hi treborsenots,
There may be Capital Gains Tax to pay on the sale of the Greek property:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you. 

Hello I am finding it difficult to comprehend... To clarify....we have lived at our only house in Greece for the last 11 years...we are both over 70 and receiving pensions from the uk. We intend to sell our house and go rented ...still living in Greece....giving monies to our children in the uk. We have been told that we have no capital gains tax liability in Greece....are you saying we have a capital gains tax liability in the UK ?.....we have no other assets either in the UK or Greece....only our house in Greece Thankyou

Hello Can HMRC admin comment on the previous question... If we have lived in our main residence in Greece for the last 11 years...no other tangible assets as we are both UK tax payers but live in Greece..selling our main residence for 225,000 euro...do we qualify for residents relief and are not liable for capital gains tax ?? We are both over 70 years old and receive pensions from the UK Thankyou

Hi
As you are not resident in the UK and the property you intend to dispose of is not located in the UK, there is no UK capital gains liability in this disposal.  
If you gift the monies from the disposal to your children in the UK, then there is no tax payable by you or your childrend on the cash gift.  
If the cash gift generates interest, then this may be taxable.

Thank you ...it's a great relief....we have to do things right !

Hi treborsenots,

When working out if there is UK capital gains tax to pay on the disposal of your overseas property, you can consider private residence relief, if the property was your main residence for all or part of the period of ownership.  
Where the property was your main residence for the entire period of ownership, private resident relief would be 100% of the gain on disposal of the property and no capital gains tax is due. Where the overseas property was your main residence for a period that is less than the period of ownsership, the private residence relief will only be a fraction of the gain, so some capital gains tax may be payable.  
Have a look at HS283 Private Residence Relief (2023).  
There is a calculator at Work out tax relief when you sell your home, to help you work out if there is capital gains tax to be paid.

Thank you.