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Posted Wed, 02 Feb 2022 14:20:22 GMT by Nicolas Hernandez
I will receive a some familiy money from abroad to use it as initial deposit to buy a property in the UK. How do I need to declare that? Do I need to pay any taxes? Is there any limit to this amount?
Posted Wed, 02 Feb 2022 15:49:42 GMT by HMRC Admin 17

There are no income tax implications on a monetary gift from family.

If however this money generates interest in a bank then this would be subject to income tax.

Thank you.

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