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Posted Thu, 22 Aug 2024 11:20:04 GMT by aykm_UK
I arrive and live in UK this year. I believe that I am UK resident in the tax period 2024-2025. I will be responsible to fill the self assessment for the tax period year 2024-2025. My mother sent the gifted money to me with amount around 220,000 pounds at the end of June 2024 from her overseas bank account. I would like to know if I need pay tax on this amount? Thank you.
Posted Thu, 05 Sep 2024 10:50:14 GMT by HMRC Admin 20 Response
Hi,
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.

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