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Posted Mon, 29 Jan 2024 20:07:29 GMT by
Hi, I am tax payment uk resident. My parents would like give cash gift to me to purchase property here. May I know if any tax implication or shall I delcare this cash gift to HRMC ? Thank you.
Posted Thu, 01 Feb 2024 10:55:59 GMT by HMRC Admin 2
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. 

Tax on savings interest
Tax on dividends

Thank you

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