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Posted Wed, 08 Mar 2023 09:50:19 GMT by ab123ab ab123ab
Hi, My father would like to send me a cash gift of approximately £250000 in euros from abroad, which I would like to use to purchase a property in the near future. - Does this fall under the 7 year rule? - Can I keep it on my debit account (will it count as income), or I need to move it to a different account? - Do I need to have any relevant paperwork to prove it was a gift (to present if needed)? Thank you in advance, Kind regards.
Posted Thu, 09 Mar 2023 14:35:18 GMT by HMRC Admin 25
Hi ab123ab ab123ab,

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


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