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Posted Thu, 06 Jul 2023 09:04:42 GMT by
My brother who living in overseas willing to give me around £1000 every month to help my living costs. My brother will first deposit the money into the overseas account under my name, and then I will transfer the money to my UK account. 1. Do I need to pay tax for it? 2. Any kinds of documents we need to prepare or keep for the bank or HMRC to check in this purpose? 3. . Will there be any problems with this operation method that I need to pay attention to?
Posted Wed, 12 Jul 2023 13:49:20 GMT by HMRC Admin 20
Hi LL,

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 https://www.gov.uk/apply-tax-free-interest-on-savings and Tax on dividends).  
You do not need to provide documents for HMRC.  
We cannot confirm whether you will have any problems.

Thank you.

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