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.

Hi, I’m a U.S citizen living in the U.K. I’m getting married and my parents want to pay for the wedding (I.e £15,000+). How can they best send me this? Do I have to do any paperwork for tax purposes?

Q1: My mom give me cash gift for buying a house while she is still a non-domicile outside uk, will there be any inheritance tax imposed (in case of her deceased) if she came to uk soon afterwards by BNO visa (with 7 years rule). Q2: If she came to uk with visa and then try to sell her property overseas, according to the new proposal of cgt (new immgrants have to sell their properties overseas within 4 years to avoid tax), she will need to pay cgt according the original buying price many years ago or the property price in mid 2021?

Hi
There are no tax implications for a cash gift.  Any interest you generate from the cash gift is taxable and should be declared.


 

Hi
1. If she came to the UK, the gift would form part of the estate if she was to pass away within 7 years of the gift being made   2.  Detail on the Government’s intended changes to the rules for non-domiciled individuals set out here Technical note: Changes to the taxation of non-UK domiciled individuals.   

HMRC is unable to provide any further detail on how these changes will apply to an individual’s personal circumstances at this time.

Hello, If my parent is an Irish citizen but lives and pays tax in the UK and would like to transfer €20,000 each to me and my siblings from an Irish bank account to our English accounts, would this need to be declared by either party?

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
Thank you.

Hi, I live in Jersey and want to gift my children some cash - they live in the UK. Does this create an IHT liability?

Hello. I am living in Uk with BRP for 4 years with my husband and daughter. I have a limited company. But now i want to start a new business that is a restaurant. I want to get gift from my family about £35000 for my new business. Is that possible? Can i use the gift for start a new business? Thank you 

Name removed admin 

Hi
Inheritance Tax is only due when a person's estate is worth over £325,000 when they die, or if the person who died gave away more than £325,000 in gifts in the 7 years before they died. In this scenario the person in receipt of the gift within those 7 years will be liable to pay inheritance tax. 
Gifts made in the last 7 years use up the £325,000 tax free allowance first, but if the gifts received are less than the £325,000 inheritance tax free allowance, any unused threshold can then be used by the person who has died's estate. 
You can find out more information here: Work out Inheritance Tax due on gifts
If the person(s) who have bestowed a gift continues to use that asset it in the 7 years before they die it is seen as a 'gift with reservation of benefit'. For further details on this please see the guidance in the link: Work out Inheritance Tax due on gifts
 

Hi mdilekkizmaz,
This may be seen as an investment by the provider of the gift and you may therefore want to check further.
Thank you.

Hello I am an international student in the UK from India, my sibling who lives in Canada will send me money from his bank account. I would like to know if there's any limit/threshold on how much money he can sent to my bank account also is there any limit on how many times he can transfer the money in an year without any tax imposed on it?

Hello I am an international student in the UK from India, my sibling who lives in Canada is thinking of send me money from his bank account. I would like to know if my sibling transfer £50k, how much tax do I have to pay on it and how can I declared that money to HMRC?