Gift tax for cash gift from overseas

Hi
 

Elka E ,

Gifts of money from friends or relatives overseas are non taxable. You may however have to pay tax on any interest arising when the money is deposited in your UK bank account. Thank you.

Hi
 

Sha Sha ,   The term cash gifts would cover any method of gifting money to an individual  . Thank you.

Hi
 

mancn mancn  ,   Please note that cash gifts from overseas are non taxable. You may however have to declare any interest that arises when you deposit the money in a UK bank account .

Thank you.

My father who is a US tax resident wishes to gift cash to my infant son, who resides in the UK. The gift would likely be made each year to an account in the UK in my infant son's name. My son has no income or possessions. My infant son would gain control over the funds on either his 18th or 25th birthday depending on my father's choices. What reporting requirements does my infant son have on this gift to him? And what tax, if any, would be due.

Hi , I am a UK citizen living abroad since 2004, I am not domiciled in UK and I am now retired , living permanently in Australia. I would like to make a gift to my UK based family members from my pension when it comes into payment next year. Will this money (approx £50,000) cause a taxable event for my UK based family?

I am a UK resident. My friend who lives in the USA would like to transfer me a large amount money as a gift. Do I pay tax on this?

Hi
 

mark swinchatt ,   Please note that gifts of cash from overseas are not taxable in the UK. However, any interest arising when the money is deposited in a UK bank account may be taxable.  See link: Tax on savings interest  . Thank you.

Hi,

Gifts of cash from overseas are not subject to Income Tax. However, any interest arising when the money is deposited in a UK bank account is potentially taxable                                                                           
Interest on savings for children

Thank you.

Hi
 

MickyW,   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.

Hello, Please give me advice, My parents want to send me £20.000 to my bank account from Poland. They are Polish. I live in England and pay tax here I have got settled status. What do I have to do ?: declare this amount in HMRC or pay some tax? How does it look? thank you Zaneta

Hi,

You would not be required to declare the amount or pay Income Tax on it, however you may need to pay Income Tax if interest accrues on the amount.

Thank you.

 

Hello, I am an Uk resident and a tax payer in the UK. I have sold a property in India and have paid tax on it in India. If I transfer the taxed money from India to UK, will there will be any tax implications in UK for me. Thank you in advance

Hi ShwetaG83
As you are UK resident, you need to declare the sale to UK also.
Relief will be given in respect of any tax paid in India to offset against any potential UK liability.
In respect of the actual money received, you can transfer the money and will be liable to any interest or dividends that it generates.
Thankyou.
Regards.

Hello, I am a Kuwaiti national who has indefinite leave to remain in the UK and lives and works/pays tax in the UK. My mother, who is Kuwaiti and lives in Kuwait, wishes to send me a gift of £10000 via bank transfer to my UK bank account. Are there any tax implications or requirement to declare/pay tax in the UK on this money? 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. 

Tax on savings interest
Tax on dividends

You may wish to speak to the Inheritance Tax team regarding any Inheritance Tax implications

How Inheritance Tax works: thresholds, rules and allowances
Inheritance Tax: general enquiries

Thank you.

Hello, I will have 25000 pound cash as a gift from my father who is currently in Bangladesh. I am a UK resident and on health care visa, my father is not a UK resident and it will be purely as a gift. My Questions are: 1. What documents do I need to bring with me to declare the money at UK airport? 2. Do I have to pay any tax for it? Thanks.

Hello, I am a U.K. resident with ILR. My family in the US would like to give both my husband and I £20,000. Do I need to declare this gift?

I am a UK citizen and normally resident in the UK. If I receive a cash gift (over £6,000) from my parents from abroad in the EU, am I correct in thinking that no tax will be payable on it? Do I have to declare the gift?

Hi Hayres12,

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 you 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, I am a UK resident from Hong Kong. I receive certain amount of cash gift from my friend in Hong Kong to my bank account in Hong Kong monthly. Do I need to declare the cash gifts if they are over specified limit (if any)? Besides, a person (living in Hong Kong) owes me money, and he is repaying me monthly. Do I need to declare his repayment? I guess that shouldn't be income because the money is I borrowed him (and the repayment is still going on). Thanks!