Cash gift from parents outside UK

Hi Team, I have an unusual case that I would like some advice on. In 2021 / 2022 I was gifted some money by my grandad, approx 90k. I am a UK citizen but I live in Germany. I have bank accounts in Germany and the UK. Most of the money is in my UK account but some of it is in a German account. I have declared this in Germany as per law and regulations, however I didn't declare it in the UK as my grandad told me it was a gift so it wasn't necessary. He is still alive and I pray that he will be with us for a while longer, so I believe this gift will pass the 7 year tax threshold for possible future inheritance. However, I was wondering, is there a specific form I need to fill out or something I need to declare in order to let HMRC know? Thank you kindly in advance for your help and advice.

Hi Trisha,

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

Tax on dividends

Thank you.

Hello, I am a UK resident and will be receiving a £10,000 gift from a parent who lives in the Republic of Ireland. Will I need to pay any tax on this? Many thanks.

Hi Myles

No.  There are no tax implications of the giving or receiving of a cash gift.  Any interest or dividends the cash gift generate may be subject to tax.

Thank you

What proof do we need of we receive large amounts of cash as a gift from parents living overseas? Large like 60/70 k not hundreds of thousands... Do.we need to let the bank know in advance so they don't close the account as I've heard that from other people that happend... Thank you in advance

Hi,
We can only advise from a tax perspective and that is that the gift itself is not taxable, but interest it generates, is.  
You should contact your bank and discuss with them.
Thankyou.

I am a British Citizen who is tax-resident in Hong Kong. I wish to gift £85,000 to my sister who lives in the UK and is a UK resident, for her to buy a property in the UK. This money will be sent from Hong Kong. I also own assets in the UK (properties) that amount to more than the £325,000 NRB. If I died within 7 years, would this gift of £85,000 be considered as part of my UK estate? Or since this is money coming from offshore, is it not considered part of my UK estate? If it is considered part of my estate, can you please share a link to the process in which to document the cash gift for this purpose? Thank you in advance

Hi Alice Russell,
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
Tax on dividends
Any gift would only from part of your estate if from the UK.
You may however want to check with the tax authorities in Hong Kong to see if it is taken into account there.
Thank you. 
 

My mother is a Channel Island resident & is thinking of giving me around £500000 as gift. Am I correct in that there will be no tax to pay on receipt of this gift, but income tax on the interest that it generates once in my UK account

Hi,

Yes, you are correct.

Thank you.

Hi there, I am a Spanish citizen and I have lived here for 10 years. I work and pay my taxes here. My parents would like to send me 17K to my account which I will then use for a house. Would I need to declare or do anything at all? Thanks a lot Alicia

Hi there, Can my Spanish parents sent me 2k every month to my bank account in UK , which then I will use to purchase a home? do I need to complete any paperwork or declare some how? Thank you

Hi There, My parents have cash in hand instead of money in bank account and wanted to gift me for the deposit towards house purchase ? They will deposit cash in their account and then will transfer to my bank account. Any complications in this process? Do I need to provide the cash evidence source of funds ? Please clarify. Thanks Ravi

Hi A DVB
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
Tax on dividends
Thank you. 

Hi A DVB,
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).
Your parents should check the tax consequences of this transaction, with the Spanish Tax authorities.
Thank you.
 

Hi team, My father who is tax-resident in Hong Kong and wish to gift £85,000 or more to me who lives in the UK and is a UK resident, for me to buy a property or living expenses in the UK. This money will be sent from Hong Kong. Any complications in this process? Do I need to provide the cash evidence source of funds ? Can you please share a link to the process in which to document the cash gift for this purpose? Thank you in advance

Hi,
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
Tax on dividends
No evidence needs to be given to HMRC but you may want to  check with your bank.
Thank you.

Hi kennethho,

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

Tax on dividends

Thank you.  

Hi I am a full time UK resident with an Irish passport. My parents who are based in Belgium sent me £105,000 as a gift/donation to buy an apartment. This has been put in a savings account in a UK bank pending the purchase of the apartment is completed. This is due to generate some financial interest. I have received from HM Revenue & Customs a certificate of tax position. Am I correct to select "I have not declared my overseas income and/or gains as they are not liable to UK tax"? If not what would be the most adequate of the three other potential answers on the certificate of tax position to describe my position? Thank you!

Good morning! I have been living in the UK for the past 6 years with a Settled Status. My parents who live abroad in Portugal would like to transfer money for my bank account as a gift to help with my cost of living, around 10.000£ and possibly a much larger amount in the future to help me buy a first house. I wanted to understand if that's taxable or how does that work as I couldn't find a clear information anywhere. In one place the information is that max of 3.000£ early won't the taxed, but then you'll find that it doesn't matter how much they gift it won't be taxed, unless it generates interest. If anyone could clarify this information please, it would be greatly appreciated as we don't want to do anything that is not in accordance to the law. Thank you!