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Posted Mon, 15 Jul 2024 15:53:15 GMT by MadeleneH
Parents have moved back to Sweden and closed UK bank account(s) They have dutifully completed self assessment tax return and are due a repayment of 13k As they don't have a UK bank account, and Sweden don't accept cheques, they are going to have the money transferred to my (UK) account. Do I have to declare this or pay tax? Conscious I am receiving this on their behalf, but it's money that they are owed...
Posted Tue, 16 Jul 2024 13:09:11 GMT by HMRC Admin 17 Response

Hi ,
 
You will not need to pay tax on the actual 13k refund.

However, if this then generates any interest when in your bank account, this is taxable income .

Thank you . 

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