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Posted Mon, 14 Nov 2022 13:43:50 GMT by J J
Hi, I am jobless at the moment and my mortgage fix term is going to end soon. I am trying to get some help from my friend in India. I have below queries; 1) If I receive £100,000 in my bank account from India as a gift to repay my mortgage. Do I need to pay any tax on the amount! 2) If I try to get a loan of £100,000 from India then would there be any tax implications! Also, please could you confirm whether I need to report that money to HMRC. Thank you
Posted Thu, 17 Nov 2022 11:19:03 GMT by HMRC Admin 32

There are no Income Tax implications on the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to tax.  

Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.

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