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Posted Tue, 03 Oct 2023 23:25:00 GMT by SleepingBunnies
I currently live, work and pay taxes in UK. I have recently received about £500k in shares from my dad who lives overseas. Shares are held in the US with a broker based in the US. They were transferred from his brokerage account to mine. Do I have to declare this in the UK? Is there any tax I need to pay for receiving this gift?
Posted Mon, 09 Oct 2023 10:48:09 GMT by HMRC Admin 32 Response
Hi,

There would be no tax implication on the receipt of the gift of shares from your father, however, you would have a Capital Gains Tax liability, should you sell the shares at a later date.

Thank you.

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