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Posted Fri, 19 Nov 2021 20:21:38 GMT by Pippi123
Dear HMRC, I am tax resident in the UK. My parents (tax resident in the EU) would like to make a monetary gift to me to help me paying my mortgage in the UK. Can you please help me with the following questions: 1. Is there a maximum amount for monetary gifts from the EU to the UK? 2. Do I need to declare this money to HMRC? 3. Do I have to pay tax on this donation in the UK (my parents are tax resident in a EU country and will pay tax on this donation there)? Many thanks for your advice.
Posted Tue, 23 Nov 2021 14:20:07 GMT by HMRC Admin 29
Hi,

There is not a limit for Income Tax on monetary gifts as these are not subject to Income Tax.

If they are held in a bank account that generates interest, then this interest would be taxable. You would only need to then declare the interest only to HMRC. 

Thank you.

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