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Posted Wed, 08 Mar 2023 20:35:14 GMT by Felix
Hello, I arrived UK with BNO Visa in Oct 2021 so I am a UK Tax resident. If my parent from Hong Kong (HK Citizen and live in HK all the time) want to transfer me around £200,000 as a gift to me, for me to buy a house (for myself to live in) under my name. Is this money require any kind of tax? And do I need to report it to HMRC about this money? Thank you so much!
Posted Fri, 10 Mar 2023 15:37:04 GMT by HMRC Admin 32

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. 

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