Tax on cash gift (from overseas)?

Hello, My parents and I are UK national. My parents are living in Hong Kong and are not tax residents in UK. My parents is looking to send £300,000 from their bank account in Hong Kong to their personal UK bank account and then transfer the funds to me as a gift to help me buy a house in the UK. The source of funds comes from selling their flat in Hong Kong a few months ago. Do I need to declare this gift money in my tax return, show proof of source of the gift money and to pay tax on it？ Would the money transferred from my parents bank in HK to their UK bank account for this purpose attract any UK tax？ Is there a maximum amount on gift money of this kind that I can receive ? Is there there anything else we should be aware of in this scenario? Many thanks for your help. JF

Hi JF
We can confirm that 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.

Hello, I am a UK citizen and resident. My husband was recently diagnosed with dementia. My sister is Canadian and has given me a gift of £130,000 to help in making adaptations to my house for his disability. Do I need to pay tax on this gift?

Hi matt10,
No, 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. 

I am a UK resident originally from the US, and my parents would like to give a gift to my British husband and me for our anniversary. We believe the gift will be tax-free if it is a cash gift, based on HMRC's responses above. But we had some additional queries: 1) Does it still count as a cash gift if it is sent via check or online transfer like PayPal? 2) Is there a limit to how large a gift we can receive tax-free if sent via PayPal or via check? 3) If so, does this limit differ for myself as their daughter vs. my husband as their son-in-law? Thanks very much!

Hi Alice 
Yes, it does still count as a cash gift if the funds are sent via cheque or online transfer like PayPal There is no limit on how large the cash gift can be. 
Thanks

Good afternoon, I have been gifted money from my parents from France. I understand I don't need to pay taxes on this money. Do I need to declare the gifts and if so, where? Many thanks in advance.

Hi ALT 
You are not required to declare the gift from your parents. If the gift generates interest of dividends after you receive it then these will potentially be subject to tax. 
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thanks

My father is a UK citizen resident in South Africa. He wants to gift me £150K from his bank account in Guernsey. I am a UK citizen resident in Scotland. Would there be any tax to pay on this?

I am a UK tax-paying resident and German Citizen. I have a pre-settled status here. My parents want to gift me shares of their business which is in Spain (in Spain I will not need to pay taxes for that transaction), will I need to pay taxes in the UK?

Hi Elizaveta,
Your parents may have to pay tax on the gift in their country of resident, but nothing in the UK.
You will need to declare your share of the businesses profits in a Self Assessment tax return.
You may also have Capital Gains Tax implications if you dispose of your share of the business.
Thank you. 

Hi there, an overseas company that I used to contract for has been sold and I was recently contacted by the founders to inform me that a portion of the sale will be gifted to everyone who's been involved with the company as a token of appreciation. My limited company (through which I used to contract) was wound up years ago and the cash gift is being gifted to me personally. Is there any tax to pay on this gift? Many thanks.

Hi Ben,
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.