Gift tax for cash gift from overseas

My wife and I are UK citizens living in the UK. My wife is also a Dutch citizen. Her Dutch aunt who lives in Holland would like to gift us €50,000. If she transfers this money to our UK bank account would we have to pay tax on this? Many thanks

[Email address removed - Admin]

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:

Tax on savings interest

Tax on dividends

Thank you.

Dear HMRC, a friend of mine has savings from his salaries while working abroad before relocating to the UK. When he was working abroad he didn't have any residency in the UK. Now he moved to the UK and wants to transfer his savings from his bank account in UAE to his bank account in UK. If I understood correctly he doesn't have to pay tax nor declare it as this money was earned before moving to the UK and didn't have any UK residency status when he earned the money. Could you advise if my understanding is correct and if there are any tax implications?

Hi, I am tax resident of the UK and work for a UK company. The previous owner of the company who is not tax resident of the UK is also our family friend. He sold the company and would like to give me a cash gift in order to help with purchase of a house and kids education. Inspite of our previous business relations this gift is a pure act of good will and generosity and is not connected to any of my previous or future services. Do I need to report this gift to HMRC and do I have to pay any income tax on this gift in the UK?

Hi, I am a EU citizen with settled status and a taxpayer in UK. Me and partner planning to buy a house and my parent are planning to send me £25000 as a gift for me to buy a house, And this money (£25000) won't generate any interest. Is this event taxable? Thanks

Hi, I am a tax paying UK resident, non citizen, My uncle who live in Hong Kong would like to gift me £5,000 . He doesn't want to pay the overseas transfer charge . So he is going to give it to his friend (a UK passport holder, born in UK but currently work and live in Hong Kong) who will come to UK to visit his family member, and ask him to pass the money to me in UK through uk local bank transfer . In this case, can the money still regarded as gifts of cash from overseas andare not liable to income tax？ Do I need to declare to HRMC (even if I don not need to pay tax)? Thanks

Hi

Mo ,

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.

Hi
 

Adriankkho,   No its no taxable.

Hi NSH,


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 here:

Tax on dividends


Thank you.

Hi
 

Eva,   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.

I read some web page it mentioned that a UK resident was entitled to an annual tax-free gift allowance of £3,000. However, your previous replies to other people mentioned that there was no limit amount for the gift money from parents/relatives. Would you please clarify how much income tax I should pay if my mum (from overseas) transfer £10,000 gift money to my bank account?

Hi

Star,   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.

 

Hello, My parents, who lives outside the UK, owns a house in the UK, and are considering gifting it to me. The value of the house is in excess of £1m. Would such gift lead to any taxes (aside from taxes on revenues from the future rents). Kind regards

Hi Kevin Meyer

There may be Capital Gains implications for your parents as this would be seen as them disposing of the property.
Please refer to guidance at
Direct disposals of UK property or land

Thank you.

Hi - My brother has lived in Munich for over 40 years and has no intention of returning to the UK. He would like to give my daughter £15k to help with a house deposit. What are the tax implications if any and on whom would they apply? I understand the £3k rule but do monies over this amount follow the 7 year taper relief rules? Regards

Hi, Me and my husband have dual citizenship, UK and Turkey, both non domiciled. We are planning to buy to a house and my brother in Turkey, who has no tax duties in UK is offering to give gift money £80k to cover stamp duties and other expenses. Would this result in any tax duties for us?

Hi, I am a Chinese currently working in the UK. My parents are planning to gift me some money. I wonder if there is any limit on the amount they gift me? Do I have to declare and pay tax on it? Kind regards, Jimmy

Hi Douglas Carruthers,

There are no tax implications on the giving or receipt of cash gifts. You may wish to speak to the Inheritance Tax team regarding any Inheritance Tax implications.

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries 

Thank you.

Hi Jimmy2744
Gifts of money from overseas are not liable to income tax.
However you may have to pay tax on any interest that arises when you deposit the money in a UK bank account.
Thankyou.
Regards.

 Hi eeee
Gifts of money from overseas are not liable to income tax.
You may however have to pay tax on any interest that arises when the money is deposited in your UK bank account.
Thankyou.
Regards.