Gift tax for cash gift from overseas

Jolie Fan,

There are no income tax implications on the gifting of money unless this generates interest in a bank in which case the interest would be subject to income tax. 

Thank you.

 

Hi there, if i receive money from abroad as a cash gift do I have to prove it with any documents?

Good Evening I have lived and worked in the UK on an Ancestry visa for 4 years. My parents, who are UK citizens, would like to give me £60 000 in cash from South Africa. They have never worked here and my father only lived here for a few years as a child so I believe they would be considered non-domiciled and they have no assets in the UK. They are required to pay gift tax in South Africa so I wanted to find out if I would have to pay any tax on the money as well? Thanks

Hello. I’m a BN(O) visa holder. I came to the UK last September. I wonder if I need to pay tax as my daughter from Hong Kong transfers 5000 pounds to my bank account every month. (The reason why she gives me such an amount of money is because I borrow money to her for buying a house in the UK) Please advise. Thank you.

Hi
 

William Chan,   If this is a gift then this would not be subject to income tax unless the money generated interest while being held in the bank account. In this case, the interest would then be subject to income tax.  Thank you.

Hi
 

Nic2017,

You would not be due to pay tax on this income, only on any income that arises from the gift. Thank you.

Hi
 

Anne,   We would not need this to be declared. Thank you.

Dear HMRC, I came to the UK to do university halfway through the tax year, in September 2020, and I want to double-check if I have to do anything for the tax year 2020-2021. I think I count as a UK resident but not domiciled. I received a cash gift from my parents from Brazil to the UK to help pay for course fees and living costs. Based on the above, I think I do not need to register a Self-Assessment tax return. Can you please confirm? Does it make a difference if the cash gift was sent directly from my parent's Brazilian Bank account to my UK account or if they first sent it to my Brazilian Bank account and then I sent it to my UK account? Thank you

Hello, An overseas friend of mine wanted to gift me a pair of shoes but didn't know my size so they sent me the money into my PayPal which I then transferred into my account, and then used those to pay for the shoes. This was a very convenient way to gift something as I got to experience it in store before getting it. They asked me if this method was okay for future gifts or surprises and I wanted to ask you if this is something I need to pay taxes on? I've tried to find information but all I find is just about inheritance tax and family. This just happens to be a friend who is better off than me and wants to gift me some things. Thank you!

My son is a UK tax resident and BNO visa holder. I am not a UK tax resident for Year 2021-2022. If I give GBP100,000 to my son as gift for him to purchase a flat in UK in March 2022, does my son have to pay tax on the gift amount?

Hi,
 

Gift of money does not generate income tax and does not therefore need to be reported, unless the income generates interest in a bank account. In this case, the interest would then be subject to tax.  Thank you.

Hi
 

Nicole Strauss,   There are no tax implications on this and this income would not need to be reported for tax purposes.  Thank you.

Hi
 

C YU,   There are no income tax implications on this unless the money generated interest in a bank. The interest would then be subject to income tax. Thank you.

Hi HRMC, I came to UK last Sept with BN(O) Visa, My mum in Hong Kong send me £4000 monthly as gift to support me to buy a house here. So annually is around £48000. Do I need to pay tax on the gift? Is it need declare it when file Self Assessment? Thank you.

Hi,

There are no income tax implications on gifts so this would not need to be reported for income tax purposes.

If the money generates any interest in a bank then the interest would need to be reported as this may be subject to tax. 

Thank you

Hi There, A family friend in Germany would like to gift approx. 85k in-order to further my brothers Education in Engineering. The funds will be posted from his business account please let me know the steps we need to take to bring the funds over and whether we are liable to pay tax and how we go about informing the bank for clearance. Thanks in advance! S D

I have been an UK tax resident, non-domicile. I am planning to purchase a flat in UK. It will be funded by my husband who is not an UK resident, giving me the money as gift. I have the following questions :- 1) Am I subject to any tax for the sum received ? 2) He will transfer the money to my bank account in Hong Kong. This bank account is newly open and has zero balance. Once I received the money, I will remit to UK to purchase the flat. Is the cash gift received under this arrangement subject to any tax ? Thank you

Hi, I currently receiving gift money from my overseas partner for our son’s child maintenance. Would it be taxable? Should he specially written down”gift” or “ for child maintenance” during the transaction of money?

Hi,

You would not be due to pay tax on this.

Thank you.

 

Hi
 

Charis Hui,

There are no income tax implications on the gifting or money unless the money generates interest in a bank account, in which case the interest would be subject to income tax.

Thank you.