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Posted Wed, 19 Jun 2024 21:43:30 GMT by SanRash
I have a query regarding filling self assessment and money that needs to be excluded/or not required to be declared. In 2023 I was a student in Republic of Ireland and then later in July 2023 moved to UK for work. In time period whilst I was in UK and before I started my first Job in UK, I was financially supported by my parents. 1.In order to support me till I start earning I transferred money from my Indian savings account. 2.Some money, which I had as forex- given by my parents to me. which I deposited in the UK account too. 3. I closed my Irish student bank account had closing balance transferred to UK account too. 4.I had booked a temporary accommodation, which was paid for by my parents- but later we cancelled it and decided to get the refund in the UK account. Since July 2023 till now I am on PAYE status. I will be declaring the interest earned in my UK account I will also be declaring any foreign income earned on interest in my name. My question is do I need to declare the money associated with 4 points mentioned above ? As this was not income but merely transfer of money or financial assistance from my parents until I started earning.
Posted Tue, 25 Jun 2024 11:09:45 GMT by HMRC Admin 19 Response
Hi,

The money from your parents would be seen as a cash gift and therefore not taxable.

Thank you.

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