Skip to main content

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

Posted Fri, 02 Sep 2022 17:27:01 GMT by Christopher Byrne
I am a UK citizen with dual Canadian Citizenship, domiciled in UK since 2002. My parents wish to gift me 50,000 Canadian dollars (approx £ 32 K). I do not own any property overseas or have any foreign income at all. The money is to be a gift. Do I have to pay tax on this gift or declare it specifically on my annual assessment? Thank you.
Posted Wed, 07 Sep 2022 15:24:57 GMT by HMRC Admin 20
Hi Christopher Byrne,

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

Thank you.

You must be signed in to post in this forum.