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Posted Tue, 09 Aug 2022 18:27:03 GMT by Sha Sha
Dear HMRC https://www.gov.uk/inheritance-tax/gifts I have read but cant understand what is the form of cash gift? Only pay in cash? Transfer money via account? I would like to clarify this point. Many Thanks
Posted Tue, 09 Aug 2022 20:43:49 GMT by mancn mancn
Hi, I am a BN(O) visa holder living in the UK, and tax payer in the UK. to support my living in UK, my brother (who is living in Hong Kong and a Hong Kong citizen) will send me £20,000 every six months to my UK bank account, will I have to declare this and pay tax on it ? Many thanks
Posted Wed, 10 Aug 2022 07:18:00 GMT by HMRC Admin 17

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.
Posted Wed, 10 Aug 2022 08:08:07 GMT by HMRC Admin 17

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

Thank you.
Posted Wed, 10 Aug 2022 08:10:44 GMT by HMRC Admin 17

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.
Posted Fri, 12 Aug 2022 13:14:15 GMT by Martin Mich
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.
Posted Sat, 13 Aug 2022 06:45:35 GMT by mark swinchatt
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?
Posted Sat, 13 Aug 2022 12:12:28 GMT by MickyW
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?
Posted Mon, 15 Aug 2022 10:30:05 GMT by HMRC Admin 17

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.
Posted Mon, 15 Aug 2022 10:34:29 GMT by HMRC Admin 19
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.
Posted Mon, 15 Aug 2022 13:27:05 GMT by HMRC Admin 17

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.

 
Posted Mon, 15 Aug 2022 21:12:49 GMT by Zaneta_H Hladij
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
Posted Wed, 17 Aug 2022 11:18:45 GMT by HMRC Admin 19
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.

 
Posted Wed, 17 Aug 2022 18:00:11 GMT by ShwetaG83
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
Posted Thu, 18 Aug 2022 13:38:00 GMT by HMRC Admin 10
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.
Posted Thu, 18 Aug 2022 14:34:06 GMT by um10raah
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.
Posted Fri, 19 Aug 2022 15:55:53 GMT by HMRC Admin 2
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.
Posted Thu, 25 Aug 2022 16:39:42 GMT by Sanjoy Biswas
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.
Posted Thu, 25 Aug 2022 21:24:25 GMT by Hayres12
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?
Posted Wed, 31 Aug 2022 12:16:08 GMT by Mihail
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?

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