Gift tax for cash gift from overseas

I am a tax paying UK resident, non citizen, domiciled. I have received cash gift worth £25,000 from my dad who lives in India. Do I have to declare this and do I get taxed for it?

Hi,
 

There are no Income tax implications of a cash gift from overseas based on the situation you have outlined in your question.

Thank you.

I am a tax paying UK resident and non-citizen. If receiving the bank transfer gift money £2500 every tax year from my sister who lives and work in Singapore, do I have to declare this and need to pay tax, please?

Hi, 

You won't have to pay Income Tax on cash gifts.

Thank you. 

I am a BN(O) visa holder and coming to uk soon. However, I borrowed around 30000 pounds to a friend which suppose to be my pension. My friend committed to return them back to me after ~5 years. May I know if they will be counted as my clean capital or will they be taxed? Thank you.

Hi,
 

HMRC cannot give guidance on hypothetical transaction s. The loan is not due to be returned for 5 years. It is not clear whether the loan is a mixed fund. Current guidance on identifying the remittance is at RDRM35240 - Residence, Domicile and Remittance Basis Manual - HMRC internal manual - GOV.UK (www.gov.uk) Thank you.

Hi, I am a French person living in the UK, and tax payer in the UK. I will receive £30,000 from a friend based in Hong Kong and Hong Kong citizen, will I have to declare this and pay tax on it ? Many thanks

Hi Annabelle,

There is no income tax due on a gift of money but if this is placed in a bank account that generates income then this would be subject to income tax. 

Thank you.

Hi, I am latvian citizen living in uk(resident), and tax payer in uk. My father will gift me about £30,000, but he will transfer to my swed bank account in Latvia, and then I want to transfer that money to UK. Do I have declare and pay tax for that?

I am a UK citizen living in the UK. My family trust wants to make a cash gift to me. Do I have to declare this and do I pay tax on it?

Hi tugezer,

There is no tax due for income tax purposes on the transfer or gift of this money unless it generates interest in a bank account. The interest would then be subject to tax.

Thank you

Hi, 

You will need to determine how the trust are paying you this income, as a gift or a beneficiary.

You can see guidance here regarding trust income and tax:

Trusts and taxes

Thank you.

Hello there, I am UK resident and wanting to buy a house in UK. I was originally from Pakistan and become UK national in 2014. I live with my wife and kids in UK. We are renting a house but want to buy our own house. My father and rest of my family is back home. My father wants to gift me money around £50,000 by transferring from abroad to my UK account so that I can buy a house in UK. Will that amount be tax free. I also have have few properties their and planning to sell them so that I can bring money to UK in order to buy a house. It will be around £60,000. I will be transferring them from my bank back home to my UK bank account. Will I be taxed for it? Any guidance will be much appreciated.

Hello, I am an Indian person living in the UK, and tax payer in the UK. I will receive £50,000 from a friend based in UAE and an Indian citizen, will I have to declare this and pay tax on it ? Thank you in advance

Hi
 

Waqas Ameer,

 

There will be no income tax due on the gifting of money. However, if you are UK tax resident and you make a capital gain abroad from the sale of a property then this will need to be declared to the UK for tax purposes. See links: How Inheritance Tax works: thresholds, rules and allowances     and : Capital Gains Tax   .

Thank you.

Hi
 

Pranay Jain,

You will not need to declare this or pay tax on it. thank you.

Hello, I am a UK resident. My aunt is a US resident with no ties to the UK and wishes to give USD 100,000 to my infant daughter for her future post-secondary education. If she gives me the money and I put this money into an Junior ISA or into an investment bond would I have to pay any tax on it? Thank you.

Hi,
 

There is no income tax due on a gift of money unless it generates interest or a chrageable event gain. If this is the case these would need to be reported. Interest from and ISA however would not be taxable and would also not need to be reported.

Thank you.

Dear HMRC, I filed my tax return 2020-2021 using self-assessment by my tax advisor, after filing the tax return I found I omission some income to declare, how can I add this income to self-assessment again? Thank you very much.

Hi,

Your tax advisor can amend your tax return.

Thank you.