Gift tax for cash gift from overseas

Hello, I have a question : a son with French nationality will be studying at full time in the UK for 2 years (from sept 2022 to sept 2024) and does not have any revenue in the UK (except sums for everyday life paid by its parents). The parents (nonresident of the UK) want to give him 100 000 € (from a non UK bank account to a non UK bank account) and I was wondering if this gift was taxable in the UK ? Furthremore, could you please indicate if the son has to file a Self Assessment tax return in the UK (even if he does not have any revenue except the sums granted by the parents)? Thank you very much for your help. Best, 

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 Shumbalito,

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 Wesam Elbaroni
Generally, there is no tax to pay from the transfer of money from one bank account to another.
You don't state what the transfer is for.
If it is a gift, 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
If the transfer is a payment, then this could be classed as income and subject to income tax.
Thankyou.
Regards.

hi, I am a dutch person (holding dutch passport) living and working in the uk (with pre-settled status). my parent (dutch citizen) who lives in the netherlands wants to gift me a lump sum of around £90 000 by transferring from a dutch bank account to my uk bank account. is there any tax to pay on this gift sum or any formalities to complete in receiving this money? thanks

I am a British resident but Ukrainian by nationality. my family lived in Ukraine. At the critical moment, my mom and dad died and I have not visited Ukraine since 2014, since the war started there and my city was captured by the Russian army. my dad got sick in 2010 and had to sell his house and business, he sold it for cash and since the war started he didn't put it in the bank. All this time, my family and my friends give me this money a little bit by mail, and if someone goes to science, we agree on a certain commission, and I put it in the bank. Unfortunately, it is impossible to arrange a transfer because there are no banks there and I cannot fly because it is dangerous for my life. Do I need to declare this money?

Hi Gianmatteo Maccentelli,

There is no UK tax liability or limits for transferring money in or out of the UK, in bank to bank transfers.  

You do not need to notify HMRC.  

There are limits where it is cash is being taken in or out of the country. You can see more information here: 

Take cash in and out of the UK

Thank you.

Hi adrien botella,

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, How would I go about proving that a regular cash gift is infact a cash gift? I have no idea if it would be questioned or not but in the event it is, i'd like to be a little prepared and be able to show that it is infact, a gift. After I receive this cash, is it ok to store it within a bank account that does not generate interest?

Hi. I'd really appreciate if you could help me with answering to my question with providing the links to the laws or other official documents which confirm the answer. My wife with my daughter came to UK by the programme Homes for Ukraine. They got BRPs for 3 years and spent more than 183 days in UK so they are UK residents now as I understand. They came with some savings which they put on a bank account and I'm also sending them money for covering living costs which I earn in Ukraine. My wife haven't succeeded in finding the job yet so she doesn't have any incomes as UK resident employee. I'm not UK resident as I've never been to UK and haven't got any BRP for UK. 1. Does my wife need to report about the money she's getting from me for covering living costs? 2. Does she has to pay any taxes for these money? I've found the following rule: There’s no Inheritance Tax to pay on gifts between spouses or civil partners. You can give them as much as you like during your lifetime, as long as they: live in the UK permanently are legally married or in a civil partnership with you But I couldn't find any information about what if one of the partners is not UK resident at the moment of sending money. Thank you in advance for your reply.

Hi a s,

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.

You can find guidance here:

Tax on savings interest

Tax on dividends

Thank you.

 

Hi Natasha Temnikova Temnikova,

There are limits to the amounts of cash which can be brought in or taken out of the UK.  

You can find further guidance here:

Take cash in and out of the UK

Thank you.

Hi Pettle,

You would need to have something from the person who is making the gift stating that it is a gift and not payment for any services or earnings.

Thank you.



 

Hi Kirill, 

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.

You can find guidance here:

Tax on savings interest

Tax on dividends

Thank you.

 

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.

 

Hello HMRC, We are in the process of buying a home and a friend abroad can support us with a loan. The loan is going to be based on the final deal we make, but it is ranging between 10 and 50K. It would be through a deposit to my bank account. Would I incur in any taxes? 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! I'm a Chinese national living in the UK, and my uncle in China wishes to transfer me £200000 as a gift from his Chinese bank account to my UK account. Will there be tax of any form incurred from this transaction? And do we need to provide any documents (e.g. a statement from my uncle proving that it is a gift)?

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

Tax on dividends

Thank you.