Cash gift from parents outside UK

Hi, I am a resident of UK (ILR) with an Indian Passport and I pay tax in the UK. My father, who resides in India wants to gift me some cash (around £20000) from his Indian bank account to help us financially for my wife's medical treatment. If I get that money transferred in one go do I need to declare it or need to pay tax? Further, Does my father need to declare somewhere that it is a gift from him? Finally , it is possible for him to gift me cash over 3-4 transfers within a year? Thanks

Hi,

There are no income tax implications when you receive a cash gift, cash gifts from Uk resident, overseas relative or from a friend.

You may need to check with your bank and here is a link re. inheritance tax and Gifts:

Inheritance Tax

Thank you.

Hi, I am a polish citizen with a presettled status. My parents would like to transfer me money (around £80,000) from Poland. Do I have to declare it anywhere and is there any tax I would have to pay regarding this transfer?

Hi,
 

You would not need to declare the income, you would only need to declare any income that arises from this, such as any bank interest.

Thank you.

Dear Forum Team, I am a Russian national living in London since 2018 on an Exceptional Talent Tier 1 Visa. I am a self-employed with a British LLP and pay taxes in the UK. My parents send me between £1,000-£2,000 monthly to my English bank account to help me pay the living costs. Would I need to declare these amounts and pay taxes on those? Thank you so much!

Hi,
 

There are no income tax implications on the gifts of money unless the money accrues interest in a bank account, at which point the interest would potentially be subject to tax.  Thank you.

in really fact ,There are no income tax implications on the gifts of money

Hi there - I am a British Citizen living in the UK. My dad who is an indian citizen with UK Permanent Residency wants to send money to us (£50,000). Is this money taxable? Or do I need to do anything to declare this money?

Hi,
 

Please note that cash gifts from overseas are non taxable, so you would not have to declare the amount received.

Thank you.
 

Hi, I’m a UK resident (non-citizen) and would like to receive a gift from my mother living in India to help with a property purchase in the UK. Would this amount received from abroad be taxable? Is there a limit on the amount of money I can receive?

Hi,

You do not need to declare money gifted to you from a family member. However, there may eventually be inheritance tax implications depending on the circumstances. 

Thank you.

Hi,
 

Please note there are no tax implications re: the transfer of savings from an overseas bank account to a UK bank account, so you will not have to report the transaction to HMRC. Thank you.

Hi, I am from hong kong and have lived in the UK for over 10 years and got a UK passport but I do not have UK citizenship. My parents are retired and living oversea and have the same nationality status as me, aside from that I am also leaving uni next year. And they are worried that if they give me money it will charge them or me tax. since they are planning to provide me with a few large transactions around £9'000 and £14'000 which cover my rent and daily expenses for next year and after next year they are planning to give me an even larger transaction to buy me a house around £300'000. Do I need to declare and pay taxes on such amounts and how much would it be? Thank you for your time.

Hi,
 

You will not pay tax on the cash gift however you will be liable to report any interest that may arise from your bank account.

Thank you.

If I am going to immigrate to England, my family will later transfer £100000 by two installments for me to purchase a property. Are these two installment subject to taxation? Thanks for your time.

Hi team , My parents are looking to gift me 25000 cash. Will this be subjected to any form of tax deductions? If no and if I only have to pay tax on the interest., will this be just on the interest gained or percentage of the total after interest? Also will the bank report the interest to HMRC or will I have to report it myself ? Thanks

Hi,

Please note that cash gifts from overseas are non taxable.

You may however have to declare any interest that arises when you deposit the money in  a UK bank account.  

Tax on savings interest

Thank you.

I was gifted cash gift from my parents in Poland which was deposited on my Polish bank account and then transferred to my British account. I have used most of it on my flat deposit but also want to invest the rest . Are there any tax implications?

Hi,
 

Here 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     and  : Tax on dividends  .  Thank you.

Hello HMRC team and thanks for providing this excellent service. I am a Spanish citizen and I recently acquired British citizenship via naturalisation. I reside, work and pay taxes in the UK since 2013. My dad, who lives in Spain, wants to transfer 6000 euros to my current bank account as a wedding gift. I understand, from reading previous responses, that I would not have to declare that gift to HMRC unless it generated interest from my bank account. However, my plan is to deposit it into a cash ISA right away from my current bank account. What would I need to do, tax-wise, in this situation, if anything? Do I have to let HMRC know? Thank you for your advice