Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Tue, 02 Apr 2024 21:46:37 GMT by user123456
Hello, I am an EU citizen living permanently in the UK. My mother, an EU citizen permanently based in my home EU country, will be gifting to me €300k which I am planning to bring to my UK bank account. This sum has already been taxed in the country of origin. Upon receipt into my UK account, will this sum be subject to any tax (other than any for the generated interest whilst in said account)? Moreover, do I need to declare this sum to HMRC via a Self-Assessment or otherwise? Thank you in advance.
Posted Tue, 09 Apr 2024 14:14:38 GMT by HMRC Admin 5 Response
Hi 

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 and Tax on dividends).

Thank you

You must be signed in to post in this forum.