Money transfer

Hi If my spouse (based and working in UK) transfers me money (via bank transfer) to support with daily expenses, groceries, credit card charges, etc, does this require me to pay any taxes? Is there any limit to the funds my spouse can transfer me? Regards

Hello admin team My American sister in-law is looking to gift money to me and my now-wife who recently married. Is there any tax implications on gift money from abroad? Do I need to declare this with HMRC? Any help or further info with this would be greatly appreciated. best,

Hi agarwal_ravj,
No, this is not taxable and there is no limit/
Thank you. 

Hi Andy Page,
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 Admin, my parents (German citizens living in Germany) want to gift me approx £250000. I am German, working and resident in England for approx 30 years, have German and British citizenship, pay income tax on my salary in the UK. Will I have to pay tax in the UK on the money planned to be transferred to my UK account from Germany ?

Hi,

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. You can see guidance here:

Tax on savings interest

Tax on dividends

Thank you.  

Hi, I’m planning to sell my property which I own with my ex partner. I expect the sale will raise about 30.000 to each of us after we pay the mortgage off. I will move back to my homeland immediately after the house sale is completed and want to transfer this money to my own bank account abroad, which I will open shortly before the sale. Do I need to declare the transfer to HMRC or does any taxation apply? Another question. We owned the property for 8 years and it was our only and primary address for the whole ownership period what makes me believe we are eligible for private residence relief on capital gain tax. Even if we are eligible for private residence relief do we still need to declare the money from the sale? MichaelaR

Hi, I'm a UK expat living in the US. I've just sold my UK property. I know I need to pay CGT both in the UK and US. Do I need to pay any tax on transfering the funds from the sale from my UK bank account to my US bank account. Thanks in advance

Hi MichaelaR,
There is no need to declare it as long as you are still UK resident at the time of sale as no tax is due. You would need to check the laws of the country you are moving to in respect of the transfer and any potential tax implications.
Thank you.

Hi Jennet Banfield,

That would be for the US authorities to answer.

Thank you

If I transfer money from a joint bank account into an NS&I income bond in my name only, who pays the tax on the income… just me on the whole income or is the income split equally between both joint holders for income tax purposes? Thank you.

Hi
For the interest in the sole account it will be you only.
 

Hi I have uk online salary account, I want to transfer money from my UK online salary account to another bank account but it is asking transfer code. How Can i have this transfer code?

Hi Salif BA,
That is for your bank to advise.
Sorry, this is nothing to do with HMRC.
Thank you. 

Hello, I have some after tax saving from salary and would like to gift to my parents overseas to pay off their mortgage, would this subject to any tax liability or subject to the GBP 3000 limit of gifting another person? Thanks!

Hi,
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
Tax on dividends   
Thank you.