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Posted Thu, 14 Sep 2023 09:06:36 GMT by Pawel M.
Hello, I have a question about taxation of money gifted by a parent. I'm in the UK since 2020, and my father lives in Poland. He now wants to send me some money (£10,000). Is it subject to taxation? Or can he just transfer it from his account to mine? For more confirmation. I plan to put the money into an ISA to save up for the future house. I'm aware that the interest from ISA will be subject to the UK taxation, but what about the money itself?
Posted Thu, 21 Sep 2023 14:26:20 GMT by HMRC Admin 19

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  

Whilst there are no Income Tax implications on the giving or receipt of cash gifts, you may wish to speak to Inheritance Tax regarding any Inheritance Tax implications.

Inheritance Tax: general enquiries
You can also review the guidance here:

How Inheritance Tax works: thresholds, rules and allowances

Rules on giving gifts

Please also note that ISAs are tax free accounts and no tax will be deducted from your interest.

Thank you.


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