Gift tax for cash gift from overseas

Hi paubenvegnu,

There are no tax implications on receipt of a gift of money unless this generates interest in a bank account.
The interest itself would then be subject to income tax. 

Thank you.

Hi, my mom wants to gift me €20k. Do I need to declare this gift? Is there anything that I will need to do please? Thanks, 

Hi,
 

There are no tax implications on receipt of a gift of money unless this generates interest in a bank account. The interest itself would then be subject to income tax.  Thank you.

I am a Spanish citizen, UK resident and paying tax in the UK. My parents, both Spanish and living in Spain with not ocnnection to the UK, want to make me a gift of approximately 35,000GBP. Would I have to declare this to HMRC? If so, would I have to pay tax on it? Would the answer to either question change if the money was paid into my Spnaish bank account in euros or into my British bank account in GBP? Thanks.

Hi,
 

No tax is payable on a cash gift, so you would not have to declare such a transaction to HMRC. Please note that you would however have to declare any interest that arises when/if you deposit the monies in a UK or overseas bank account. Thank you.

Dear Madam/Sir, Greetings. I am not a UK resident/national and have bank accounts in UK as well overseas. I want to gift money to my child to help her buy property in London, my questions are: Will there be any difference in tax treatment for her (she is UK resident but not a national) if the gift was made from: 1. My bank account in London to her bank account in London 2. My bank account in Hong Kong directly ti her bank account in London . (For the sake on convenience and saving in bank transfer fee, my intention is to first transfer funds into my UK bank account from my HK bank account. Thereafter from my UK bank account to her UK bank account).

Hi,
 

Please note that cash gifts are not taxable in the UK, so you can make the payment via the bank account of your choice.

Thank you.

Hi there, I am a BN(O) holder and is a tax payer in the UK, but yet to become citizen yet (not fulfilled the 5 + 1 BNO scheme yet). I am planning to buy properties in the UK, which I am not sure how much the down payment yet. And my parents (from Hong Kong, tax payers and residents of Hong Kong) will transfer me, for example, 40,000 GBP for part of the down payment, May I know if any taxes needed to be paid for this 40,000GBP in this example?

Hi,
 

Please note that no UK tax is payable on gifts of cash, so you would not have to declare such a transaction to HMRC, However, you would have to declare any bank interest that arises when the money is deposited in your bank account.

Thank you.

Hi, I am a UK resident for past few years. My father and mother reside in India and they want to gift me approx. £30,000 in my Indian bank account. I will then transfer that amount from my Indian bank account to my UK bank account. Do I need to declare this gift amount in my self-assessment and do I need to pay any tax on this £30,000 amount transferred? Thanks

Hi, Do I need to pay any tax from cash gift given to me by my son (non-UK resident, EU resident) to help me to purchase property here in the UK? We are talking about transfer of £150K I am UK tax resident, holding dual citizenship, British and Polish. My son is holding dual citizenship too but he lives in Poland and his tax residency country is Poland. Many thanks Justyna

Hi Vikram Singh

HMRC doesn't count cash gifts as income, so you won't have to pay any income tax on cash gifts received from parents (or grandparents for that matter).

However, if there is interest earned in a savings account, you may be liable to pay tax on it.

Thankyou.

Regards.

 Hi Justyna,

HMRC doesn't count cash gifts as income, so you won't have to pay any income tax on cash gifts received from parents (or grandparents for that matter).
However, if there is interest earned in a savings account, you may be liable to pay tax on it.
Please also farmiliarise yourself with Inheritance tax guidance, this is seperate to Income Tax -

How Inheritance Tax works: thresholds, rules and allowances

Thank you.

I am a BNO visa holder and currently a tax paying UK resident, non citizen, domiciled. I have received cash gift worth £14,000 from my dad who lives in Hong Kong. Do I have to declare this and do I get taxed for it? Thank you.

Hi, Follow my previous message, do I have to declare or file a self-assessment on the cash gift from my father of £14,000? Thank you.

Hi,
 

Please note that a cash gift is not regarded by HMRC as a taxable transaction. However you have to declare any interest arising when the sum involved is deposited in a bank account.

Thank you.

Dear HMRC Hi, i am a UK citizen living in the UK and wanted to know, if i receive over £30,000 every 1-2 months from my friend abroad via western union to my UK bank account, will i need to pay tax on this? Thank you

Hello Our son lives in the UK and got married to a UK citizen. We want to give the kids the money to buy a house. Is this gift taxable in the UK for the children?

Hi. I am a UK taxpayer living in the UK but have an account abroad. I have received gift money of £40,000 in there. Will I need to declare this to HMRC? This money was split into two parts. £37,000 is separate and doesn't generate interest but the £3,000 generates £27 a month which I'm aware is under the tax amount to be taxable. Please let me know what is needed to do or if nothing needs to be done as of yet. Thanks

Hi,

Please note that a gift of cash is not in itself a taxable transaction. However, any interest arising when the sum involved is deposited in a bank account would have to be declared to HMRC.

Thankyou.