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Gift of money from overseas to purchase house

Posted Wed, 06 Sep 2023 12:26:59 GMT by
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.
HMRC Admin 32 Response
Posted Tue, 12 Sep 2023 13:35:27 GMT by HMRC Admin 32 Response
Hi,

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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