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money from my best friend

Answer
joyhappy2024
Posted 3 months ago by joyhappy2024
hello! I live in the UK and plan to borrow money from a friend in Hong Kong to purchase a house here. The loan amount is substantial, approximately £300,000, with a repayment term of 25 years and no interest. Would this be considered a gift under UK regulations? Thanks for your help.
Answer
HMRC Admin 17 Response
Posted 3 months ago by HMRC Admin 17 Response

Hi 

In Reply to your question the answer is yes .

Thank you .
Answer
joyhappy2024
Posted 3 months ago by joyhappy2024
Thanks for your reply. Do we need to declare it to HMRC?
Answer
HMRC Admin 17 Response
Posted 2 months ago by HMRC Admin 17 Response

Hi ,

No .

Thank you .

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