Gift tax for cash gift from overseas

I am about to receive a cash gift from my father in India that could be around £50k - £60k. Is there any tax implications for this please? Thanks

Hi
 

Eric Kong,   From HMRC perspective:- 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 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  . Thank you.

Hi Natasha Khilji,

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.

As a foreign student in the UK who is on study leave back home and receiving a monthly allowance from his employer in their home country. Would this student be liable to pay tax on this monthly allowance meant for upkeep as the student is not working here?

Hi there, I am a tax paying UK resident, originally not from the UK but currently a UK citizen. If receiving the bank transfer gift money £40,000 in 2022/23 from my dad from overseas, do I have to declare this in my self assessment and need to pay tax, thanks.

Can you advise me on how much tax I will need to pay on a gift of £50000 given to me by a British citizen who is living overseas, whilst I am living in the UK please

Hello, my father has transferred a sum of money over multiple transactions to myself as cash gift from overseas. As the transactions from my father were substantial I have received a call from my UK bank a few months ago enquiring about the source of these transactions. I have explained they are cash gifts and since then they haven't got back to me or asked for further documents. However I am wondering in the future what documents do I need to keep from my father's side to prove the transactions are intended as cash gifts?

I have a question quite similar to Ahmad AK's question. My father is sending me about 200000 GBP over multiple installments as a gift towards buying a house. I understand that you have repeatedly explained that gifts are not taxed but it would be great if a) You could clarify that there is no limit to the said gifts or if there is then what it is on a rolling window basis b) What kind of documentation do I need to keep to show that these transactions were gifts and for how long do I need to maintain those Thank you

Hi smod,

You will need to review the double taxation agreement beween the UK and your country of residence, as there may be an article on students. You can find the tax treaties at:

International treaty Gibraltar: tax treaties

Thank you.

Hi there! I am receiving a cash gift in the amount of around £10,000 annually from family oversea's, is this taxable? If so, how would I be able to declare it? In order that they not generate interest, can I place them in my co-op cashminder account, which doesn't issue interest? Any help would be greatly appreciated, 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 Skip to contents of guide Contents

and

Tax on dividends

Thank you.
 

Hi Ahmad AK,

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 Dominic Coone

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

There are no tax implications on the giving or receipt of cash gifts, but if the person making the gift is a UK resident, they may wish to speak to inheritance tax regarding any inheritance tax implications:

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries

Thank you. 



 

Hi Ardalan Maghami, 

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.

Hello, I’m a U.K. taxpayer and may receive a cash gift from my parents from abroad. Can I use this cash to invest in my Investment/ stocks ISA? How does this work in regards to tax implications? Thanks

I am a UK tax payer and self-employed. Non-citizen but resident in the UK. I've registered as a sole trader. If I receive a cash gift from an individual in the US that is not a relative, do I need to pay tax on the cash gift?

Hello, I am a uk citizen and I wanted to know if I need to declare transfers from another UK bank account (not mine) of you to £100000. Do I have to pay income tax, do I have to inform the bank, do I have to declare it ?

Hi, I'm an Italian citizen, I used to live and work in the UK, but I moved back to Italy a few years ago, so I'm not a UK tax resident anymore. I still hold a bank account in the UK though. What's the threshold of money someone can transfer in my UK bank account per year? And do I have to declare this? Do I get taxed for it? Thanks!

Hi, I'm a UK citizen living in the UK ( in a regular job) and my mother is also a UK citizen, but has moved to Bangladesh decades ago. My mother has an UK non-domcile status and lives and pays taxes in Bangladesh. My mother has since sold a piece of property and wants to gift a large sum of money to me. My mother has a UK bank account will transfer money to this account from Bangladesh and then to my account in the UK. I understand about the lifetime gift rules and sliding scale 7 year thresholds, but my query is about the transfer frequency as she will be transferring money in chunks. How do I ensure that this is not viewed as income and how do I declare this sum? Thanks, Chewy

Hi,

Please contact the Inheritance Tax team for advice:

Inheritance Tax: general enquiries

Thank you.