Gift tax for cash gift from overseas

I am a BN(O) visa holder and coming to uk soon. My parent hold a property in Hong Kong and receiving rental income for around £1,000 each month. My parents would gift the said £1,000 to me every month. Will I have to declare this and pay tax on it ? Thank you in advance

Hi, I am on a UK work visa, I am a resident not a citizen and my salary is paid after tax deduction. My parents want to gift me cash up to £7000 from India to my UK bank account. Do I need to apply for Self assessment if I receive this amount, and do I need to pay tax?

Hi
 

adays ,   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
 

Mihail,   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  Sanskriti Bajaj,

There would be no tax due on this amount, however you would need to declare any Interest earned on this amount if some accrued.

Thank you.

Hi Cas Bu,

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 see guidance here:

Tax on savings interest

Tax on dividends

Thank you.

Hello, I have a friend who gift me cash from oversea by transferring using his own oversea company account directly to my UK bank account. I know that gift money from friends are not taxable but if the cash was transferred using company account in this case the same? Thanks in advance!

Dear HMRC, I am a citizen of Australia but live in the UK on a global talent visa. My father has offered to help me with the deposit on a house by a gift of £225000. He is considering either A) transferring this directly or B) moving it to my currently empty non-interest-earning account in Australia, and then me transferring it to the UK. I have three questions: 1. Does this need to be declared, and is tax due on it? 2. Are the tax implications different if he moves it to my account first? 3. Is UK tax due should I transfer a similar sum back in several years, should the house be sold? Thank you very much in advance for any reply.

Hi Sanjoy Biswas
Please read the following guidance:
Take cash in and out of the UK
Thankyou.
Regards.

Hi
 

Click Tva ,   Cash gifts are not taxable.  Interest arising from the gift may be subject to income tax. 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 Income Tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends 

Thank you.

Good morning. I am in the process of buying my first house and my deposit, a sizeable amount, will be gifted by my family and transferred from a European country through a foreign currency exchange service. Do I have to pay any tax on this? And does it depend on the transferred amount? Thanks very much in advance!

Hi I am to be gifted $100,000 from my brother who lives in US. I am a UK resident and tax payer and non-domicile. My brother has no connection with the UK. Am I liable to any for of taxes on this gift.

Hi Maria,

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, I am a French citizen living in the UK (settled status), do I need to declare something and/or pay taxes if my parents (French nationals living in France) gift me £40k ? Thank you Kind regards

Hi S P,

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 Julie,

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.

Dear HMRC, I am a UK citizen and residing in the UK. I have a US bank account which was opened over 10 years ago and is largely dormant. Each year we receive a gift payment of approx $10k from a close friend which we use for holidays. There is negligible interest earned on the cash account. Do I need to declare any of this on my tax return? Thanks

DEAR HMRC, Hope you are well. My wife has jobs in UK and paid NI before receive the salary already, the means is these jobs is PAYE in UK in 2021 - 2022, I know PAYE is no need to declare these income, but she has some bank interest, does shee need to declare bank interest please? Thank you very much. H L

Good Evening, I was owning a part of the property in one of the EU countries, which I inherited some time ago. The property was recently sold and I would like to bring the money to the UK. The amount will not exceed £35000. I've been a resident of the UK for 16 years. Do I need to pay any tax on it or not? What documents would I need to present and where in both cases. Thank You.