Gift tax for cash gift from overseas

I’d like to know if there is any change on the tax regarding cash gift received from overseas parents? Am I correct that whether or not one is a tax payer, cash gift is not taxable regardless of the amount?

Hi Lara,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. You can see guidance here:

Tax on savings interest

Tax on dividends

Thank you  

Hi I am business man from India. My business fetch me around 75000 pounds profits after tax in india if I bring that cash to uk to buy house is taxable ? . I am just a resident in uk but tax resident of India. Also I am not working or earning in uk . I just bring from india after paying taxes there . So how can I show bank and what should be shown to bank that I earn this much etc etc

Hello, My father want to gift me 20.000£ cash transfered to my bank account. Do I need top declare this amount of money or can I use them straight away? I read that there is a limit of £3,000 (tax-free) each tax year. could you please specify this to me? thank you

Hi Muhammad Ali Soom
There are no income tax implications on the receipt of a cash gift unless the cash gift 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).  
Thankyou.

Hi Jasminder Singh Kohli,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift 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.

Hi Julio,

Was the property sold by your father's esate and the taxes paid by the estate or did you and your brother sell the property. If your father's estate sold the property, then there will not be any Capital Gains Tax liability. If you and your brother sold the inherited property, you could have capital gains tax to pay.

Capital Gains Tax

There is no tax liability in transferring your inheritance money from a foreign bank account to a UK banks account.

Thank you.

Hi Allinone Hkuk,

You are correct.

Thank you.

Dear HMRC, My grandparent is from Vietnam and I wonder if he sends me 150,000 GBP from Vietnam's bank to my UK bank, would that be taxable? He wants to help me buy a home. Best,

Hi - I've received a £300,000 gift from the EU. Is this taxable in any way upon transfer to a UK account? My understanding is no but I want to double check. I understand any interest gained will be taxable under capital gains allowances. Thank you!

Hi Faz555,

Please refer to guidance at Remittance basis 2023 (HS264)

Thank you.

Hi mimakosc,

There are no income tax implications on the receipt of a cash gift unless the cash gift 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).  
The £3000 limit you refer to is for inheritance tax purposes so that any gifts of this amount are not included as part of the estate.

Thank you.

 

Hi ordtop,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift 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. 

 

Hi schmidts.

There are no Income Tax implications on the receipt of a cash gift unless the cash gift 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.

Dear HMRC, I am a UK tax-paying resident but a New Zealand Citizen. I will be receiving property and some money as a give from my parents. Will I be taxed for any of them? Thanks, Sagarkumar

Hello, I am expecting to receive £90,000 from India as a cash gift from my parents. I am UK tax paying resident, non-citizen. I am going to use the cash gift as deposit for my house. Do I have any tax implications on the gift amount? Thanks

I am a British National resident in the UK. My parents are UK and Hong Kong citizens and are tax resident in Hong Kong. They plan to gift me 1,000,000 GBP from their Hong Kong bank account to my account in UK (a legacy from my Hong Kong grandparents estate). Need I declare the transfer to the UK tax authorities and will that money be taxed?

Dear HMRC Administrator I hope you are doing well. I'm a BNO(Visa) holder and now a resident in UK since Aug2021. My father is going to give a HKD money worth £50000 to support. I'm going to exchange the money from HKD to GB in my H.K Bank account and then transfer back to my U.K bank account. Do I have to declare this and get taxed please? thank you so much.

Dear HMRC, My elderly brother, who is retired UK resident and tax payer, wants to give me (I am also UK resident and tax payer) a gift of around Rs. 25 lakhs from his NRO / NRE Bank account in India to my NRO/NRE bank account in India. Can you please advise me on any tax implications for me / my brother if: 1. I leave this money invested as savings in my India bank account for future holiday spending there? 2. Repatriate ( my brother has paid all relevant taxes India) this money from NRE bank account in India to my UK bank account? 3. Does 7 year Rule apply to this type of gift given abroad, in particular if my brother total assets are below IHT thesdhold? Look forward to HMRC clarification on this matter.

Hi kiwiindian

You will not be taxed on the gifts in the UK as far as your parents gifting them to you (your parents may be taxed on the gift in New Zealand).  
If you dispose of those assets, then you will be subject to capital gains tax on any gain arising on their disposal.

Thank you