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Posted Tue, 12 Mar 2024 10:05:06 GMT by Marco Aiese
Hello, my family would like to send me a cash gift of around 20k for a future property purchase in the UK. For the time being could I transfer this sum towards my yearly ISA tax free allowance (either Cash ISA or Stocks&Shares ISA)? Will I be liable to pay taxes if I do so? Thanks in advance
Posted Tue, 19 Mar 2024 12:07:26 GMT by HMRC Admin 8
Hi,
There are no tax implications from a cash gift.  If the gift was placed in an ISA, the interest would not be taxable.  
If place in a traditional bank / building society account, the interest would be taxabel and should be declared.
Thank you.
 

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