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Posted Sat, 05 Oct 2024 09:39:43 GMT by Jake H
I am a UK tax resident, who is due to receive money from my parents from abroad (non-UK citizens). If this cash gift is transferred from their overseas company account to my personal bank account (as opposed to transferring it to me from their personal bank account), is their an implication and will any UK tax need to be paid ?
Posted Tue, 15 Oct 2024 09:09:17 GMT by HMRC Admin 10 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).   
Posted Tue, 15 Oct 2024 10:21:08 GMT by Jake H
Thank you - that is clear. However to confirm , If the cash gift comes from a Company/Business account, there is still no tax implication on the gift?
Posted Thu, 24 Oct 2024 08:02:59 GMT by HMRC Admin 19 Response
Hi,
If the company is your employer, please refer to the guidance here:
Expenses and benefits: gifts to employees
Thank you.

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