Gift tax for cash gift from overseas

Hi cloudthegp,

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 Income Tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.

Hi h l,

If it is interest in UK bank accounts, HMRC will automatically receive the information.

If it is foreign bank accounts then yes, this needs to be reported.

Tax on foreign income

Thank you.

Hi HMRC, If I am older than 18 years old, living in the UK and my mother living out of the UK give me 2,000 pounds per month, is it still exempt of tax? I red that there is a potential limitation to an exempt cash gift: is that correct? Thank you!

Hi S G, 

You do not need to pay tax on the funds that you transfer unless it generates any interest once here.

However, you do need to report the sale of the property to declare any capital gain.

You can find guidance here: 

Tax when you sell property

Thank you. 


 

Dear HMRC, I would like to know if I, as a French resident, pay an "almony pension" (2,000 pounds per month) to my daughter doing her studies in the United Kingdom, my daughter will have to pay taxes or not? This almony pension is paid only in order to permit to my daughter to live and study. Thank you very much for your work.

Hi HMRC, I relocated from Hong Kong to UK in July 2022. My partner in Hong Kong, who is not an UK resident, gave me a cash gift of GBP 26,000 by wire transfer in Aug 22. Is that any guideline for cash gift from overseas and shall I delcare it to HMRC ? If yes, how to declare it ? Thank you.

Hi KarlM,

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 Income Tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.

Hi
 

KarlM ,

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 Candance Lau,

There are no Income Tax implications to the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to tax. 

You can find further guidance here:

Tax on savings interest

Tax on dividends 

Thank you.



 

Dear HMRC, I am a BNO Visa Holder who just moved to the UK on 1 May, Visa was approved in Nov 2021. My family going to transfer £200,000 to me, is there any tax need to pay or declare?

Dear HMRC I am an UK tax-payer and citizen. My parents would like to gift me 13500 GBP as a cash gift from India. Is this taxable? I read somewhere that there is a cap of 3000 on cash gifts per year? Please advise V

Dear HMRC, I (a British Passport holder/tax payer) have been gifted money in my Malaysian bank account from my Mum (Malaysian passport holder) and would like to transfer it over to my UK bank account to buy a property. Are there any tax implications and/or do I have to declare it with HMRC? Kind regards

Hi I am UK citizen and paying my UK taxes. I have two specific question: My sister lives in India and she would like to gift me cash/shares into my Indian Bank account. I do not intend to bring that money into India at this moment. Do I need to declare that here in UK? Thanks in Advance

Hi,
 

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
 

Dawid EightySix ,

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.

Thanks HMRC Admin 17 for your response regarding my query about cash transfer to Indian bank account. What is the implication if my blood relatives (parents/brother) transfer shares to my Indian account? Thanks

Hi Remo Lo,

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, I arrive in UK in Aug 2022 via spouse visa and work remotely for Hong Kong. Understand that I am considered as UK tax resident, a friend of mine in Hong Kong requires a short term fund of GBP40,000 that I need to use my savings to transfer to him, and then he will repay me back in two weeks of time. The savings are from income I made before I arrived to UK. May I know if the amount of bank-in in repayment would have income tax implications? And what kind of documents are required to prove this? Thanks. Best regards, Eric

Hi VG,

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.

There are no tax implications on the giving or receipt of cash gifts, but your parents may wish to speak to inheritance tax regarding any inheritance tax implications How Inheritance Tax works: thresholds, rules and allowances and Inheritance Tax: general enquiries.

Thnk you.

Hi Parry,

The same rules apply. You would need to declare any interest that the gift generated as foreign income.

Thank you.