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Posted Mon, 20 Nov 2023 14:38:00 GMT by
Some years ago my parents lend me money for my house, but I was at the time resident in another country (Japan). Now I am resident in UK and my parents told me that I don't need to return the remaining of the loan, and I can keep it. Am I right that there are no tax implications in this situation? Would this be bound by the 7years inheritance rule? Also, do I need to submit any documentation to HMRC to prove this? I have a written and signed note from my parents clarifying those terms. Thank you very much.
Posted Wed, 22 Nov 2023 16:13:08 GMT by HMRC Admin 25
Hi Moises,
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:
Inheritance Tax: general enquiries
You may also want to review the guidance at:
How Inheritance Tax works: thresholds, rules and allowances
Thank you. 

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