Gift tax for cash gift from overseas

Hi, I have acquired UK citizenship end of 2021, I am a resident however still not deemed-domiciled. My father gifted me money from Italy as a deposit on the purchase of a property, although is unclear if this purchase will ever happen. Regardless of what the money will be used for, do I have to declare this gift to HMRC? Thank you.

Hi HMRC. I am a tax paying BNO holder in UK, and my mother is non tax paying BNO holder in UK (because she is retired person) She is going to transfer me £30,000 as a gift. Do I need to pay tax for this money?

Hi Team, I am a UK resident (& citizen). My family abroad in India wants to gift me with a cash lumpsum (c50K - 60K GBP) to help me financially in the current economic climate / cost of living crisis. So if I receive the lumpsum from my mum, or brother or sister in law, will there be any tax implications for me? Thanks in advance.

Hi
 

Rachel9999 ,   Please note that gifts of tax from overseas are not subject to income tax. However any interest arising may be taxable.    See Link: Tax on savings interest   . Thank you.

Dear HMRC, I am a non-citizen UK resident on a work visa and pay UK tax through payroll. I have received regular bank transfer in my uk account in the tune of 3,000 to 10,000 per month in the past year from a close friend who is a Bermuda resident (non uk resident). As I used my uk account to pay for his UK mortgage on a property he owns here and all the associated maintance and renovation cost for this property. Because he doesn't have a uk bank account or credit card. Do I have to declare the money I received from my friend as oversea income in this case? And do I have to pay tax on any of the money transfers? Thanks, Sabrina

Dear HMRC, I am a BN(O) visa holder and coming to uk with parents and living with them. My siblings who lives and work overseas and will transfer gift money £1700 monthly to my personal bank account for me to pay the living expense such as gas and electricity and usual expense for my parents. I want to know if there are any tax implications on this or any thresholds I should be made aware. I also wanted to know if this needs to be declared to HMRC or any paperwork needs to be filled out if it is a gift.

Hi Ian42,

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 

You would not need to declare the gift, merely, the income it generates. 

Thank you.

Hi Pur,

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 sac cloud,

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, I am aware that there are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends. However my question is: can I invest this cash into a stocks and shares/Investment/Cash ISA ( Individual Saving Account)? Much thanks.

Hi Sabrina Lian,

While there will be no tax liablity on the money transfers, you may need to consider money laundering guidance.  

Money laundering supervision for money service businesses

Thank you.

Hi
 

Skinny ,   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,

Yes, you are free to do whatever you want to do with a cash gift.

Thank you.

Hi I am an italian citizen, resident in the UK and received a gift in cash from italy for 250000, do I need to pay tax on it? Thank you

Hi, I am a BN(O) holder but yet to become citizen yet (not fulfilled the 5 + 1 BNO scheme yet) and is not a tax payer in2021/22 in the UK (come to the UK in Sep 2022), I will start my first job in Mar 2023 thus I will be a tax payer in 2022/23. I bought a property in the UK this year, my family (from Hong Kong, tax payers and residents of Hong Kong) will transfer me a cash gift for example £100,000 GBP for helping me to purchase a property. May I know if any taxes needed to be paid for this £100,000GBP in this example? Based on "clear capital" requirements. Do I have time limit should be following the requirements that I only can receive the cash gift between a year from the frist year (Sep 2022 -Sep 2023)?

Hi Alessandro Marturano,

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.

Hi,

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, I am a tax-paying UK resident, with indefinite leave to remain. We are planning to buy a house as first-time buyers. Our family in Brazil offered a cash gift worth about £50.000. Is there any tax to be paid when we receive the money? When it comes to the transfer method, does it have to be i.e. directly from my father's bank account in Brazil to my account in the UK or they could simply transfer to my account in Brazil and then I make a single transfer to my account in the UK? Thank you in advance.

Hi,

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

How the money is transferred is between you and your family.

Thank you.

Good evening, i'm French, uk tax payer and uk resident under pre settled scheme. My grandfather's new wife (90 years old) living in Peru wants to give me money to help me buying my first flat. Do I have to declare this? Do I have tax to pay on it? Thank you for your help