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Posted Wed, 06 Sep 2023 12:26:59 GMT by Tracy WALKER
My friend in Australia want to gift me the money to buy a house. We are looking at around £300,000. Do I gave to declare this or pay tax on it? This will be my only residence and I am a first time buyer.
Posted Tue, 12 Sep 2023 13:35:27 GMT by HMRC Admin 32

No. Cash gifts from overseas, do not have any tax implications, other than the interest or dividends the gift generates. These would then potentially be subject to Income Tax.

Thank you.

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