Gift tax for cash gift from overseas

I had received the gift money 2000 GBP from limited Company,should it is income and i has to pay by income tax?

Hi

Domino1,   Please refer to  : Tax on foreign income    .

Thank you.

Hi,
 

You do not need to pay tax on the gift. If the company deducted tax on it then this would not be classed as a gift and you would need to declare it   . Thank you.

I am a British expat, living abroad for many years, and therefore non-resident in the UK. I do however have a a small tax liability in the UK from a property I own and let. My question is: am I able to send a cash amount from my country of residence (France) to a person in the UK without them having a tax liability in the UK?

Hi,
 

Yes you can  . Thank you.

  

Hi , May I know is it have maximum value for the cash gift per year or per month ? also for the cash from oversea is it need to keep the supporting for the money transfer ? is it no need to report to HMRC for the cash gift ? Thanks,

Hi kkcy kwan,

There are no tax implications on the giving or receipt of cash gifts, but you 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 .
There is no limit to the amount you can gift

Thank you.

Hi My father is selling his property in Sudan and wants to know if it's possible to bring the funds of 250k in to the UK and invest it in a property. Will he be taxed or charged for that. Kindest regards

Hi,
 

There is no tax implication of bringing the money to the UK. However, if he is a UK tax residfent he may need to declare the foreign capital gain here and be subject to Capital Gains tax. Once the money is invested, this will then be subject to income tax on the interest received . Thank you.

My mum in Australia wants to send me a cash gift £25000 I want to pay some of my mortgage off and put some in cash isa. I know I have to declare any interest monies earned from a bank account but if its an isa do I need to pay tax on it and declare the interest?

Dear HMRC, Hope you are well. My parents in Hong Kong send £215,000 to let me buy the house in the UK, do I need to file self-assessment for this amount? I appreciate your help a lot. Thank you very much

Hi h l,


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 Zara,

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.

I would like to complain you have not answered my question you have posted a generic message I know you have to pay tax on interest in a saving account that any money from abroad generates but I was asking about cash isa ? Why do I need to declare when it's states in previous message 6 months ago a junior isa didn't need to declare? I'm very confused ?

Hi,

Interest received from an ISA is not taxable.

You can find guidance here: 

Tax on savings interest

Thank you.


 

Hi Me and my wife are Turkish citizens living in UK with ILR. My parents and my wife’s parents, Turkish citizens living in Turkey, will gift us £25000 to help us with some part of stamp duty and mainly moving costs. If they die in 7 years, are we subjected to inheritance tax and should we declare this to HMRC? Thanks

Hi,

Please contact the Inheritance Tax team for advice:

Inheritance Tax: general enquiries

Thank you

Hi, I am a UK citizen living in the UK. A relative in Denmark wishes to give me around £50,000 to help with private medical bills for my child. This would be transferred from either a Danish or Norwegian bank account. Would any tax be payable on this gift? Many thanks.

Hi,
 

Please note that gifts of cash from overseas are not liable to income tax.

Thank you.

Hi, I am a UK resident, citizen and pay tax arising on salary in the UK. My father is intending to gift me £200,000 from India for purchase of property in the UK, the money will be transmitted via bank into my UK bank account. What are the tax and filing requirements in this case. can you please guide me ?