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Posted Wed, 31 Aug 2022 10:40:18 GMT by Astha
Hi, I am ILR holder in the UK, and my parents want to make a bank transfer to me £5000 as a gift and support for expenses. Will I have pay any tax on this?
Posted Wed, 07 Sep 2022 09:39:43 GMT by HMRC Admin 19

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 Income Tax tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.

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