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Posted Thu, 14 Nov 2024 10:05:50 GMT by New Homeowner88
My dad lived in the UK for 30 years as a resident. He recently moved to Bahrain for work and lives there for most of the year. He wants to gift me £280,000 for a house purchase in the UK for myself (a UK resident). Will there be any tax implications for this purchase at all? Either at the time of purchase or even when I come to sell it in 5-10 years time? It is my understanding that HMRC are only interested on interest and dividends generated, but I would like some further information on this. Ideally to clarify any further taxes that either myself, my dad or the house would be subject to. Thank you in advance.
Posted Thu, 14 Nov 2024 16:32:40 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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