Receiving money from abroad

Hello, Do I pay tax OR have to declare money I receive from abroad as a loan from a friend? Thanks

Hi Nancy A,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
and
Tax on dividends
There is no restriction on the amount that can be received.
Thank you. 



 

THANKS FOR YOUR ANSWER. To double-check, this amount won't be a gift. It is a load and I have to pay it back later. Does this change anything? Thanks

Thanks for the information. Could you please clarify if I am legally required to declare gifts to HMRC? if yes, how? and would they require evidence that the amount was a gift, if yes, what kind of evidence? Thanks

Hi Nancy A ,
You are not legally required to declare gifts to HMRC, that you receive.
But for Inheritance Tax purposes, there is a set of critieria that need to be considered for gifts that you make.
How Inheritance Tax works: thresholds, rules and allowances Skip to contents of guide Contents.
Thank you.