Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Tue, 08 Nov 2022 23:05:03 GMT by Keri002
Hi, My Dads funds are held in Jersey Channel Islands where is is resident - he would like to give me £150,000 as a gift. Do I have to declare this £150k as income or do I just declare any interest earned from it in my bank account?
Posted Mon, 14 Nov 2022 15:44:28 GMT by HMRC Admin 18
Hi,

There are no income tax implications on the receipt of a cash gift unless the income 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.

 
Posted Mon, 14 Nov 2022 18:28:52 GMT by Keri002
Thank you this is a great help

You must be signed in to post in this forum.