Gift tax for cash gift from overseas

Hi Kit Ying,

There are no Income Tax implicatons on this as it would not be subject to Income Tax. However any interest gained while in a bank account would need to be reported for tax purposes. 

Thank you.

Hi My wife and I have been living in the UK since 2014 (not citizens yet) and we are UK taxpayer residents. We are receiving a cash gift from our parents in our home country currency which is equivalent to £24000 (£12000 each). We are planning to transfer this money to the UK via an HMRC registered exchange centre. Our parents will give the cash gift to the exchange centre in our home country currency and the exchange centre will pay the equivalent amount in GBP to us (by transferring from their UK business bank account to our UK bank accounts). Do we have to declare this and are we liable to pay tax on it?

Hi,
 

There are no income tax implications on this and you would not need to report this to us. If however, the money generates any interest in the bank then the interest would need to be reported.  Thank you.

Hello, I am a BNO(Visa) holder and live in UK since Sep 2021. My sister lives aboard and not a UK resident would like to send me a money gift of £150,000, should I need to declare and pay tax ? Is there any concern if the money gift will be sent to my HK bank account or UK bank account? Thank you

Hi,

There are no Income Tax implications on this unless the money generates interest in bank, in which case the interest would be subject to tax. 

Thank you.
 

Hello MHRC Admin I am naturalised Uk tax payer. My brothe rin law, not UK national wants to gift some money to my family. around £40k in total. 1 - gift to all to my wife 2 - gift to my 3 children, 16,13 and 9 yeras old equally 3 - gift to my children and wife equally The money would be transferred into their nbank accounts. Will there be any tax to pay on teh cash received? Are there any forms to complete for the reciver and sender? Thank you

Hi,

There are no Income Tax implications on the gifting of money and this would therefore not need to be reported for Income Tax purposes.

If any interest accrues on the money in the bank account then this would be subject to tax. 

Thank you.

I am a BN(O) VISA holder and will come to UK in April. My partner in Hong Kong has regularly given me money and will continue to give me £2000 monthly as a cash gift for child maintenance. Does it cause an income tax? If he gives me £250,000 in the coming future as a give for purchasing a property, will that also be subjected to an income tax?

Dear HMRC, I am a UK citizen and Taxpayer, and I will receive a £600,000 gift from my mother who is a UK citizen living abroad. In terms of income tax, do I have to declare and do I need to pay tax on this gift? Thank you.

Hello, I am Polish and live in UK since 2012 (I have been granted EU Settled Status), I work and pay taxes here. My parents want to send me equivalent of £14000 from Poland as a gift. Would I need to report that and pay tax on this? Thank you

Hi ctam224

There are no income tax implications on the gift of money.
If however the money generates any interest in a bank then this will need to be declared for income tax purposes. 

Thank you.

Hi ling cheng,

There would be no tax due on this.

Thank you.

Hi Justyna.

You would not need to declare the gift or pay tax on it.

Thank you.

 

Good morning HMRC I am an European citizen with Settled status in the UK where i am a tax payer (been living here for over 5 years). My parents gifted me a large sum of money that is sitting in my Spanish account (over 70k EUR) that i would like to bring to UK this year. This money been taxed in Spain When bringing this money into UK, will i need to pay taxes or declare it to HMRC? Thanks

Hi,
 

There are no income tax implications on the gifting of money. This would only need to be reported as a UK resident if it gerenated interest in either a UK or foreign account.

Thank you.

If I receive gift money from abroad from my relatives do I have to prove it somehow in papers or documents?

Hi,

There are no Income Tax implications on this unless the money generates interest in a UK account, in which case the interest would be subject to tax.

Thank you.

Hi, I am currently living in the UK with a residence card and would like to understand the gift money tax liability, if someone sends money from India to the UK.What is the tax free limit to have the gift money from parents or relatives from India to Uk, do I need to pay any tax? Thanks

Hi,

There is no limit on the amount you can receive and it would not be taxable.

The only thing that would be taxable would be any income that arises from the gift.

Thank you.

Hi, I am a BNO holder and tax payer living in the UK. My parents from Hong Kong is going to send me £220,000 as a gifted deposit for purchasing a house in the future. In this case, will I have to declare this and pay tax on it? Thanks, Jolie