Gifts received in Spain (money and property)

Hello all A family member may donate to me some money and a property. Shall I pay any kind of tax for either of them in UK? In Spain I will have to pay a "donation tax", as the gift is going to be done in the form of a donation within the legal and tax Spanish framework. I might keep the money in Spain in a bank account at my name. Will this make any difference? Thanks for your help.

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. You can see guidance here:

Tax on savings interest

Tax on dividends

As you are keeping the income in Spain, you would declare any interest, and, or dividends as foreign income.

For the property, you will only pay tax if you are receiving an income from it or when you sell it.

Thank you.