Gift tax for cash gift from overseas

I am an Irish citizen, resident in the UAE. I would like to gift my two children, both Irish passport holders ordinarily resident in UK for tax, a cash sum to help them buy property. I plan on making this transfer in January 2023. Can you please confirm that this will not be subject to UK tax, except on any income, such as bank interest, that this cash generates in the UK. Thank you, David

Dear HMRC, I have a British passport holder. My parents reside in India and hold Indian passports. They would like to gift me approx £15,000 as a cash gift. Do I have to declare this gift and pay any tax on it? Thank you.

Hi Afaq Khan

There is no limit on the amount, and 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 DavidMLacey65,

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. 

 

 

Hi P K,

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.

Dear HMRC, I am a tax paying BNO visa holder and living in UK now. My father is a citizen of Hong Kong and HKSAR passport. If he transfers £70,000 to my bank account as a gift. Do I have to declare this gift and pay any tax on it? Many Thanks.

Hello, I am Canadian citizen and not a resident of the UK. My husband is a non- resident, UK citizen. If I gift money into his UK bank account, would he have to pay tax on the money that is gifted? Thank you

Hi hing93,

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.


 

Hi
 

Canadian Girl ,   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.

I am a UK Citizen, and my father (Indian Citizen) is going to gift me me some money from India (he lives there) which needs transferring, this amount will be used as an initial deposit to buy a property in the UK. I would like to know: 1. Do I have to declare or notify you/HMRC, and would that need any documentation from me (relationship proof) and the sender from India (e.g., source/proof of income in India etc) ? If yes, please can you share any links/procedures for the same. 2. Further, does my father need to declare somewhere that it is a gift from him? 3. Do I have to declare or notify the bank, and would that need any documentation from HMRC, the sender from India and the receiver here in UK? If yes, please can you share any links/procedures for the same. 4. If I get the transferred amount in a 0% interest account of mine, would I still have to pay any tax? 5. Are there any limits to the number of transfers and the amounts from India to UK as gifts? Thank you for reading my questions. Regards, SP

Hi RihasP,

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. 

 

Myself and my wife are UK citizens (hold UK Passport We both live in Zimbabwe (Zimbabwe Residents). We are NOT UK residents. We have a bank account in Isle of Man and a Halifax bank account internal of UK We have a 23 year old daughter living and working in the UK We want to gift her Money from either or both of our above mentioned accounts. What is the annual maximum transfer of funds we can gift to her given the above information ?

Hello HRMC, I am a Mexican national with Indefinite Leave to Remain status in the UK. My wife is British. My dad is a Mexican citizen and wants to give me a gift of about £25K to help us move to a bigger house in the UK. Question: Does he needs to transfer the money directly to my bank account in the UK and specify "Gift"; or is it possible for him to transfer to my bank account in Mexico so I can transfer to my UK account? Does this make any difference?

Hi, I am a resident, sole trader and tax payer in the UK. 2 companies, based in the US, gifted me money, 10k each. One company I just know and the other one is my client. The money is not in conjunction with my work but just a charitable gift to support me. Do I need to add both amounts to my income to be taxed? Thanks.

Hello HMRC, I just got my British passport and UK tax payer. My parents are Chinese passport holder, NOT living in UK. They are planning to GIFT me £500k - 1million to buy a house from their HK bank account to my UK personal bank account. Do I need to pay income tax upon receipt the money? Do I need to report this amount to HMRC on my annual personal tax return? Thank you

Hi trevormidlane,

There is no limit to the amount of gift you give to your daughter and there are no Income Tax implications on the receipt of a cash gift, unless the gift generates interest or dividends. These would then potentially be subject to tax. You can see further guidance here:

Tax on savings interest

Tax on dividends

Thank you.

Hi, I'm getting married in June and my parents who live in Korea (tax residents in Korea) have sent me £32,500. I am a UK resident with indefinite leave to remain, and I file Self-Assessment. Would I need to report and pay taxes on this gift cash? Thank you.

Hi Daniel Fierro Hernandez,

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

This includes transferring the money into your bank account.

Thank you, 

Hi Fuzzy Bear,

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. You can see further guidance here:

Tax on savings interest

Tax on dividends

Thank you.

Hi Shengyan Q,

Currently, there are no legal limits on the amount of money you can transfer to the United Kingdom.  

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.