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Tax on cash gifts

Posted Sun, 14 Jan 2024 15:54:48 GMT by
Hello, I'm a Polish citizen living in the UK with settled status. I plan to gift my parents approx. £12,500 (they are living back in Poland). Are there any tax implications or places where such a gift needs to be declared? Thank you for your advice!
HMRC Admin 5
Posted Wed, 17 Jan 2024 12:18:31 GMT by HMRC Admin 5
Hi

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications (Rules on giving gifts and Inheritance Tax: general enquiries).  You may also want to review the guidance at (https://www.gov.uk/inheritance-tax). 

Thank you

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