Cash gift from parents outside UK

Hi , if i received 5000 cash from abroad as a gift and I used it into ISA investment account and if later this account generated deviants and capital gain , shall I pay tax on the gifted money? If yes I will pay for the whole amount of money or only the interests ?

Hi Heraclitus,

Any interest that the gift generates once you receive it, is taxable and should be declared.  The gift itself, is not taxable.

Thank you.

Hi Carlos Fernandes,

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 haith

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).  

Thank you

Hello. I am expecting to receive around £60.000 from my parents as a gifted money from Poland within next couple of days, do I need to report it to HMRC? Is there any tax to pay from this amount I should be aware of? Thank you for your help.

Hi, My Swiss uncle has passed recently and is leaving me circa £50K. I am British and live in the UK. Can you please advise if I need to declare this donation/heritage and if I need to pay any taxes? thanks

Hi adammalejka1991y,
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 Katia,

No you do not, as this is an inheritance.

Thank you.