Skip to main content

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

Posted Fri, 02 Sep 2022 12:35:42 GMT by Shivaraj Konaje
Hi, My parents are planning to send me money (around GBP 20,000) to UK from India as gift. I will be using this money to buy a property in UK i would like to know if i will be taxed for the gift money once its credited in my UK bank account?A
Posted Wed, 07 Sep 2022 13:59:57 GMT by HMRC Admin 19

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 Income 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.