Gift tax for cash gift from overseas

Good afternoon, I have been gifted money from my parents from France. I understand I don't need to pay taxes on this money. Do I need to declare the gifts and if so, where? Many thanks in advance.

Hi matt10,
No, there are no Income Tax implications on the receipt of a cash gift unless the cash gift 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 Prasanna,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift 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 Alice Sverdlik

In response to your questions:

1) Yes
2) No
3) There is no limit

Thanks

Hi ALT

You do not need to declare the gift from your parents.  If the gift generates interest or dividened after you receive it, then this is taxable.
Further guidance can be found here
Tax on savings interest and
Tax on dividends   
The actual gift itself does not need to be declared.

Thank you

 

My father is a UK citizen resident in South Africa. He wants to gift me £150K from his bank account in Guernsey. I am a UK citizen resident in Scotland. Would there be any tax to pay on this?

Hi,

There are no Income Tax implications on the giving or receipt of a cash gift unless the cash gift 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

You may also wish to speak to Inheritance Tax regarding any inheritance tax implications:

Inheritance Tax: general enquiries

The rules on giving gifts can be found here:

How Inheritance Tax works: thresholds, rules and allowances

You may also want to review the guidance at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.

Hello, I am a tax paying UK resident, have received my settlement status (Leave to remain). Will be receiving a cash gift from family in Lebanon next year. Are there any declarations, or income tax implications i have to do via my self assessment?

I am a UK tax-paying resident and German Citizen. I have a pre-settled status here. My parents want to gift me shares of their business which is in Spain (in Spain I will not need to pay taxes for that transaction), will I need to pay taxes in the UK?

Hi there, an overseas company that I used to contract for has been sold and I was recently contacted by the founders to inform me that a portion of the sale will be gifted to everyone who's been involved with the company as a token of appreciation. My limited company (through which I used to contract) was wound up years ago and the cash gift is being gifted to me personally. Is there any tax to pay on this gift? Many thanks.

Hi Elizaveta,
Your parents may have to pay tax on the gift in their country of resident, but nothing in the UK.
You will need to declare your share of the businesses profits in a Self Assessment tax return.
You may also have Capital Gains Tax implications if you dispose of your share of the business.
Thank you. 

Hi Ben,
There are no income tax implications on the receipt of a cash gift unless the cash gift 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.