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Posted Mon, 11 Apr 2022 22:43:12 GMT by Eh222
Hi, I am a British Citizen and i was wondering if i recieve over £30,000 every 1-2 months from my friend abroad from a service such as western union to my UK bank account, will i need to pay tax on this? Thanks
Posted Wed, 13 Apr 2022 09:50:23 GMT by HMRC Admin 26
Hi,

Please note that to answer your question, we would need to know why the regular payments from abroad were being made - ie, for services rendered, or would you categorise the payments as gifts?

Thank you.
Posted Wed, 13 Apr 2022 11:57:37 GMT by Eh222
Thank you for the reply. The regular payments would be made as a gift by my friend not for goods or services or anything else, how do i make sure they are regarded as gift payments? Does he need to leave a note to the bank every time he transfers the money to me? Thanks
Posted Thu, 14 Apr 2022 12:25:14 GMT by HMRC Admin 10
Hi

There are no set rules.

It may be best practice to inform the bank that the payments are 'cash gifts'.

This means there is a record of where the payments are coming from. 

Thankyou.

Regards.
Posted Thu, 14 Apr 2022 12:30:01 GMT by Eh222
Thank you for the reply, so i take it there is no tax on this kind of payment which i mentioned? Also, the bank isn't responsible for making sure people pay their taxes so how would informing them help? Thank you in advance
Posted Mon, 18 Apr 2022 20:25:46 GMT by Eh222
Thank you for the reply, so I take it there is no tax on this kind of payment which I mentioned? Also, the bank isn't responsible for making sure people pay their taxes so how would informing them help? Thank you in advance
Posted Tue, 19 Apr 2022 13:54:25 GMT by HMRC Admin 17
Hi,
 
There are no tax implications on cash gifts.

Therefore you are not required to report this to HMRC.  

Thank you.
Posted Fri, 22 Apr 2022 15:22:40 GMT by HMRC Admin 11
Hi Eh222, 
The banks only involvment would be reporting any untaxed interest accrued from your savings.
Thank you. 

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