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Posted Thu, 15 Aug 2024 21:55:08 GMT by abous
My father wants to gift me the proceeds from selling a property that he currently owns abroad. My father is not a UK citizen and has never been a UK tax resident. I am both a UK citizen and tax resident. Since the gift is from the sale proceeds, the buyer will be transfering the sum to my UK bank account directly upon the completion of the sale. Are there any tax implications for receiving this form of gift?
Posted Thu, 29 Aug 2024 11:29:17 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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