Gift tax for cash gift from overseas

Dear HMRC, a friend of mine has savings from his salary 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. Could you please advise if there are any tax on transferring his savings from UAE to UK or there is a need to 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.

Hello, I am a BNO visa holder and I am living in UK now. I got a job recently and already a tax payer in UK. My father in Hong Kong wants to give cash HK$200,000 (£20,000) to me as sponsoring my living in UK. He will ask my brother to do bank transfer to me. 1) Do I need to declare this cash of gift when filing the tax return? Do I need to provide any document to HMRC to prove it is a cash gift from my father? 2) This amount of money is generated the interest in my saving account, it would be a kind of income and it is taxable, right？ How to calculate the amount of tax should I pay for those interest?

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
 

Lucy0731 ,

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 there Iam British citizens and I live in Uk My stepmom want to give me some money to buy house with in Uk ..is that acceptable?do I have to pay tax on it ? Thanks

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 here : Tax on savings interest    and  : Tax on dividends    . Thank you.

Dear HMRC, I am from Ukraine, but live and work in the UK since Feb 2021 and am a UK tax resident. My parents want to transfer money to support me with a flat purchase - the planned amount is 450 000 pounds. Do I need to declare & pay tax on this amount ? Thank you ! 

Hi Anya Shum, 
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
Tax on dividends
Thank you. 
 

Hello, I am a UK tax resident, non citizen, non-domiciled and I have 2 questions would like to ask. 1. If my parents (who are non-domiciled & non uk tax residents) wish to send money for subsidizing me to buy house in the UK, the amount will be around £35,000. Do I have to declare this and do I get taxed for it? 2. I have some savings in my overseas bank account without any interest being generated, if I transfer them into my UK account some years later, will there be any tax?

Hi, a family member in America (US Citizen) is going to send me (UK Citizen) £25k - will this be taxed and if so, then how much?

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, guidance can be found here:

Tax on savings interest

Tax on dividends

This also applies to the transfer of your capital from overseas.

Thank you.

Hello, I am a UK tax resident, non citizen. My parents (non uk tax residents) in Taiwan are keen to send £20,000 for supporting me to buy house in the UK, can they transfer money to my UK bank account from their account? Can they need to transfer it from my own bank account in Taiwan? Are both still eligible to apply no income tax implications? Thank you.

I am a bno visa holder. I arrived uk in April 2022. Due to financial problem, my mother in HongKong wants to support me. She owned a property (owner is my mother, sole name) in China and has been sold out. China solicitor will transfer the net sale proceeds money to a joint named account with me in Hong Kong. Then, my mother wants to give the said money to me as a gift and transfer to uk. Any tax, I need to pay for? Any amount restriction ? Thank you.

Hi
 

Ssssylvie,   HMRC doesn’t treat cash gifts as income.  For that reason, you won’t have to pay any income tax on cash gifts received from parents (or grandparents).   If you make any income from that gift, even if it’s interest earned in a savings account, you may be liable to pay tax on it . Thank you.

Hi
 

Sha Sha   ,   HMRC doesn’t treat cash gifts as income.  For that reason, you won’t have to pay any income tax on cash gifts received from parents (or grandparents).   If you make any income from that gift, even if it’s interest earned in a savings account, you may be liable to pay tax on it  . Thank you.

  

What is the meaning of cash gift? My mother transfers money via bank system? from her account to my account? It is okay?

Dear HMRC, I am a US citizen with ILTR, currently applying for UK citizenship. I pay UK taxes. Several friends and family members are hoping to help me buy a house here, and would like to send gifts. The total would equal something like £200.000. Would I have to declare this or pay taxes on it? Thank you.

Hi
 

Sha Sha,

There is no tax arising from giving or receiving a cash gift.  There may be inheritance tax implication though.  There is guidance at : How Inheritance Tax works: thresholds, rules and allowances  .

Thank you.

Dear HMRC https://www.gov.uk/inheritance-tax/gifts I have read but cant understand what is the form of cash gift? Only pay in cash? Transfer money via account? I would like to clarify this point. Many Thanks

Hi, I am a BN(O) visa holder living in the UK, and tax payer in the UK. to support my living in UK, my brother (who is living in Hong Kong and a Hong Kong citizen) will send me £20,000 every six months to my UK bank account, will I have to declare this and pay tax on it ? Many thanks