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Posted Mon, 02 Jan 2023 21:08:28 GMT by medguy
Hello, I am a UK citizen for tax purposes. I lent £50,000 of my savings to a family member in India. Would I have any tax implications when they re-pay (direct transfer from India) the amount(just the amount I lent them) to my bank account at a later date? Many thanks.
Posted Fri, 06 Jan 2023 12:00:19 GMT by HMRC Admin 32

There are no Income Tax implications on the receipt of a cash gift unless the income 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.

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