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Posted Fri, 23 May 2025 12:55:45 GMT by HMRC Admin 19 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
Tax on dividends
Thank you.
 
Posted Thu, 29 May 2025 18:34:35 GMT by Emma0209
Hello, I am confused by the answer above so I have to ask again. I moved to the UK since March 2025 and before that I worked in France. I don't have UK nationality. Does the money accumulated from my previous job, which was already taxed in France, need to be declared and taxed again in the UK? This job ended before I started working in the UK. In the answers to similar questions in this forum, it is said that this is capital and shouldn't be taxed again. However, the answer to my question mentions Paying tax on a remittance basis, which confuses me because it does not seem applicable to me. Could you clarify this to me? Thank you in advance. Emma
Posted Fri, 30 May 2025 12:41:07 GMT by HMRC Admin 19 Response
Hi,
Income arising outside of the UK in previous tax years in which you were not resident in the UK, would not be taxable if you transfer the capital to the UK in a later tax year in which you are UK resident. You can see guidance here:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
You may wish to seek professional advice on this matter.
Thank you.
Posted Tue, 10 Jun 2025 12:41:08 GMT by Mike25
Hi. I am a citizen of the UK only. If i earn usd into a a foreign bank account. Must i pay tax on it if i intend to spend & invest it abroad and not transferred it to the UK?
Posted Wed, 11 Jun 2025 08:00:40 GMT by HMRC Admin 17 Response

Hi ,
 
Yes. 

As a resident of the UK, you are taxable on your world-wide income and capital gains, even if you do not remit the income / capital gain to the UK.

 You would declare your foreign income and capital gains in a self assessment tax return, along with all other sources of income and

capital gains arising in the UK.

Thank you .

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