Cash gift from parents outside UK

Hi,
 

There are no income tax implications on cash gifts from family. You are not required to declare this as income.   However please also enquire with the Inheritance Tax office incase this is subject to inheritance tax in the future - : Inheritance Tax: general enquiries  . Thank you.

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

Hi,
 

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  and : Tax on dividends    .  Thank you.

Hi, I am a UK resident and I'm planning to buy a house in England. My parents want to contribute with a gift and as far as I understood such gift will not be taxed (except for any capital gain, i.e. interests in a bank account). Is there however any need to provide proof that such money is not fraudulent? If so, where can these forms be found? Thank you

Hi Fbizzotto,

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
and
Tax on dividends

Thank you.
 

Hello, I live and work in the UK . will i be liable to pay tax when i receive money on behalf of a friend who’s not in the UK?

Hi Iceberg
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
and
Tax on dividends 
Thankyou.
Regards.

 

Hello, My question is very similar to the above with just one technical difference. Live in and work in UK permanently My mum wants to transfer me money from Spain but to no overcomplicate she wants to transfer it to one bank account I still have opened in Spain ( mostly for when I visit and in case is needed in the future). Then it would be myself transferring from ny Spanish bank account to my English bank account. Would that make any difference in terms of taxes? Thank you very much

Hi. I am a uk resident falling on some hard times. A friend who lives in the Middle East has offered to help financially. Are there any tax liabilities if he was to send me £20,000?

Hi! I am a UK national living in the UK. I have an offset mortgage. This is where Savings in a particular account will offset the total amount of mortgage, reducing interest cost My parents who reside in the middle East will gift me a lump sum of about 250,000£ which I will place in an offset account. This will obviously reduce my interest cost significantly. Does this cause any tax implications?

Hi, I am a UK national / resident and my parents living in NL wish to gift some money to help to pay for living costs. I understand from the above threads that there is no income tax on cash gift. Is there any limit per year on this? Also does the money need to be paid from a non-UK based bank account and in a foreign currency? My parents are not UK tax resident but wish to send the money from a UK account they hold. Would that incur any income tax? Many thanks

Hi there, It sounds from previous questions that most cash gifts seem to be income tax free – what is the limit for the amount? (Cash gift would come from Switzerland) Many thanks 

Hi I was born in India and a UK citizen from 2009 onwards. I would like to receive a gift from my dad(who is living in India and an Indian citizen) to help me with a property purchase in UK. My dad is planning to bank transfer this money to my UK bank account. Would this amount received from abroad be taxable? Does the amount transferred to me count towards my inheritance tax threshold(£325,000 as I understand)? Do I need to declare the amount received from my dad in my HMRC self assessment form?

Hi
 

Alberto Fernandez ,   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    and : Tax on dividends  . You may also want to look at guidanc at : Tax on foreign income     . Thank you.

Hi
 

Mr Aza,   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  and : Tax on dividends    . Thank you.

 

Hi SonyBunny Football,

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.  

You can find further guidance here:

Tax on savings interest

Tax on dividends

Thank you.