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Posted Tue, 27 Sep 2022 14:50:09 GMT by HMRC Admin 17

Hi
 
Mika Moreno ,

 
There is a limit of £3000 per year that applies only for inheritance tax purposes and that amount doesnt need to be added
to the estate if they pass away.

Any amount over that needs to be included if they pass away within 7 years of making the gift.

No it doesnt matter what account and no income tax will arise on the gift.

Only liable on any interest that it generates   .

Thank you.
Posted Tue, 27 Sep 2022 14:55:34 GMT by HMRC Admin 17

Hi
 
Mirrimaria ,

 
There is no limit to what you can receive as a gift.

However, anything over £3000 needs to be included as part of the estate for inheritance purposes shoud
the gifter pass away within 7 years  .

Thank you.
Posted Tue, 27 Sep 2022 15:21:16 GMT by thissongisforyoumylove
Hello, I'm a Ukrainian with no juridicial status of residency: I have BRP but residency question for Ukrainian scheme people was not decided yet (information from a lawyer). I receive monthly gifts (humanitarian help) from a US company I worked at long before the war. They differ from month to month but stay at around 4000 GBP. I have no contract signed with a company, and money comes to a UK bank account where no interest could be generated. 1. Do I need to report this monthly ~4000 GBP as an income of some kind or could it stay as a gift? 2. I am unemployed by now but stopped receiving Universal Credit after letting know about the regular transfers from the US, and it is more that fair. Would I need to report anything at all the next April if I stay unemployed? 3. Would the need to report change if I get the official status of a UK resident? Thanks in advance, guys, it's hard to get exact info just searching around, your answers help a lot!
Posted Wed, 28 Sep 2022 09:18:23 GMT by HMRC Admin 17

Hi
 
Joshy Augustine ,

 
There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance
tax regarding any inheritance tax implications :


How Inheritance Tax works: thresholds, rules and allowances   and :

Inheritance Tax: general enquiries     .

Thank you.

 
Posted Thu, 29 Sep 2022 08:37:12 GMT by HMRC Admin 19
Hi thissongisforyoumylove,

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. Further guidance can be found here:

Tax on savings interest

Tax on dividends

If you only got Universal Credit there is no need to complete a tax return.

Yes, let HMRC know of any change in your residence status.

Thank you.
Posted Mon, 03 Oct 2022 09:52:14 GMT by thissongisforyoumylove
Hi, thanks for the reply. I looked at the bank statements of the transfers from the US, and all their descriptions say "AI support consultancy" (it's a dental AI company). It seems to imply that I should be self-employed, but I'm not working for them anymore. Should I ask them to change description to a humanitarian reason in the description? Do I have to start the process of self-employment and pay taxes for these several months that I received money with this "consultancy" description?
Posted Wed, 05 Oct 2022 10:32:59 GMT by HMRC Admin 17

Hi,
 
As you are now implying that you did work for this company, this would not be seen as a gift and would be classed
as self employed income and would therefore need to be declared as such   .

Thank you.
Posted Sat, 15 Oct 2022 10:04:28 GMT by lilyhastings Hastings
Hi, I am a UK and Australian dual national. Living in UK. My mum is an Australian National with a bank account in Australia, but also living in the UK. She has just sold her house in Australia and would like to gift the money to me and her two other sons. Can she gift us this money from the Australian house sale (about £150,000 each) without us having to pay tax? Thank you
Posted Wed, 19 Oct 2022 10:52:30 GMT by HMRC Admin 17

Hi,
 
As you mother is resident in the UK, she may have a capital gains tax liability on the disposal of an overseas property. 

Have a look at :

Tax when you sell property .

 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  .

 There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding
any inheritance tax implications :

How Inheritance Tax works: thresholds, rules and allowances   and   :

Inheritance Tax: general enquiries    .

Thank you.
Posted Sun, 13 Nov 2022 12:16:05 GMT by Teresa Vallnu
Hello I'm UK tax resident (have BRP, live and work in UK). My mother is about to gift me ~ from 50'000 to 150'000 £ from Russia (she is Russian tax resident, lives in Russia). Do I need to pay any taxes on it? I tried to find any info on HMRC official site about overseas gifts, but haven't found anything. I also checked Inheritance tax reference mentioned in this forum (https://www.gov.uk/inheritance-tax), but I'm not sure if it is applicable, as my parents are still alive when transferring money.
Posted Wed, 16 Nov 2022 13:00:08 GMT by klkdave44 fracis
hi im from italy and I lived in uk for 8 years working and paying tax my mother gave me 10000 euros in cash last time i went to visit her so I could pay for my rent and cost of living the police took my money and accused me of money laundry how could I prove is from my mother
Posted Wed, 16 Nov 2022 15:48:39 GMT by HMRC Admin 32
Hi Teresa Vallnu,

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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