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Posted Fri, 01 Jul 2022 19:33:07 GMT by Stephen Chan
I am holding a student visa and living in UK for more than 183 days. I obtained my first degree and am now studying my master degree both in UK. For the coming four academic years, I will study my PhD in one of the universities in UK. My parent, they are living in Ireland, would like to transfer certain amount of GBP to me, say GBP 400,000, to purchase a property under my name in UK to save the rental fee. In case of this, will this arrangement involve any gift tax or other tax which I need to consider ? Many thanks for the advice.
Posted Mon, 04 Jul 2022 12:50:41 GMT by HMRC Admin 19

Please note that cash gifts from overseas are non taxable. You may however have to declare any interest that arises when you deposit the money in  a UK bank account. You can see more information here:                           

Tax on savings interest

Thank you.
Posted Mon, 04 Jul 2022 14:07:24 GMT by Stephen Chan
Thank for the reply. Then, is it mean that if the money is come from overseas (from non-taxpayer), no gift tax is involved. If the money is given from within UK from taxpayer, it involve gift tax ?
Posted Tue, 05 Jul 2022 10:00:47 GMT by HMRC Admin 17

The gift can be from either and you would only pay tax if the gift received generated
any interest or dividends    .

Thank you.

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