Gift tax for cash gift from overseas

Hi, My dad is planning to send me around 150,000 GBP from India (he is domiciled in India and he's an Indian citizen) as a cash gift to me to help me pay a deposit for a house. Please note that I am a British Citizen and pay income tax in UK. Do I need to pay any sort of tax here in UK on the gift? If not, can you please point me to some official documentation or website that states this? Thanks

Hi Elena Romero Delgado,
Pleaase note that gifts of money are not subject to Income Tax.
However any interest or dividends generated when/if the money is invested may be taxable.    
Tax on savings and investments: detailed information.
Thank you. 

Hi Xrjn 1,

The transfer of funds from an overseas bank account to a UK bank account would have no income tax implications.
Any interest or dividends generated may, however, be taxable.  
Tax on savings and investments: detailed information.

Thank you.

Hi tizzy2000

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 https://www.gov.uk/apply-tax-free-interest-on-savings and https://www.gov.uk/tax-on-dividends  
 
Thank you

Hi I am a tax paying UK resident, non citizen, domiciled. I will be buying property in the UK and my family would like to send me some funds (£800,000) from the UAE. £400,000 of these are in my father's account, £300,000 are in my brother's account and £100,000 are in my father's friend's account who is also his business partner. All of these will be cash gifts to me into my UK bank account. Do I need to declare any of these transactions and do I get taxed for it? Is there a difference if the funds come from a family-member's account vs a non-family member? Thank you

Hi Jas Al,
Cash gifts in pounds sterling, whether from overseas or the UK are not subject to income tax.
If those gift generate interest or dividends then the interest or dividends should be declared.
Thank you. 

My brother wants to transfer £150k as a cash gift to payoff my UK mortgage, do I need to pay tax?

Hi,
 

No there is no tax implication for cash gifts. You may want to contact your mortgate lender to advise  . Thank you.

I am British Citizen and my brother is US Citizen and he is gifting me some money around 30K to 50K to buy a house in the UK. Since he lives in US, so he will be sending this money from his US bank account to my account in UK. So do I need to pay any tax on that or should I also include this in my self-assessment ? The reason why I am asking is because I think I have read somewhere that we cannot receive more than 3000 worth of the gift money from someone either abroad or local.

Hi there, I am a UK resident and tax paying citizen but my parents are from overseas. They send me regular monthly sums of money for me to put in savings. I’m aware the income band I’m in and the interest allowance I have and that I need to pay tax on any money that exceeds that threshold of however do I need to pay tax on that monthly sum of money I receive or just any extra interest I earn from putting it into savings? Regards.

Hi
Cash gifts are not taxable and do not need to be reported.
You will only need to report any intrest or dividends that is then generated.

Hi there, I have received a cash gift from a parent of about £90,000 from my home country and is currently in my bank account in that country. Would I need pay taxes or report that gift when I transfer it to my U.K. account? Thanks!

Hi,

No, however, if the gift generates interest or dividends, then that element will be taxable and should be declared.

Thank you.

I am Republic of Ireland, based in the UK, UK tax payer since 2010. If I receive a cash gift of £80k from Ireland, will I be liable for income tax?

Hi, I am a BN(O) visa holder and have lived in the UK for about 5 months now. I have been employed full time and paying tax and NI for nearly 2 months and renting a room privately. Do I need to pay tax for either of the situations outlined below: 1. If family transfer money from a Hong Kong bank account to my UK bank account (and is there a limit on how much)? 2. If I transfer money from my own Hong Kong bank account to my UK bank account (and is there a limit on how much)?

My parents want to send me a GBP 20000 equivalent (as a gift) from India. I was born in India, moved to the UK for work, have been living in the UK for the last 20 years and have acquired British Citizenship. Please tell me if I will have to pay any tax for this amount. Thank you.

Hi Brendan Holian,

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.

Tax on savings interest
Tax on dividends

Thank you. 
 

Hi travelwongc,
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.
 If the money being transferred from your Hong Kong bank account to the UK was earned in a tax year that you were resident in the UK, then it will be taxable.
If it was earned in a tax year you were not resident in the UK, then it would be classed as capital and would not be taxable.
Thank you. 

 

Hi Srinivas Ananth Narayan

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).  

Thank you