Sending money from abroad to UK account

Hello, We have the EU Settlement Scheme with my wife. Her parents would like to give her a family gift to help us buy a property in the UK. The sum is over £500,000 and would be sent from the US. After reading a few responses here in the forum, I understand that there are no tax implications for transferring capital from a foreign bank account to a UK bank account and only if the capital generates income, such as interest or dividends, that this would be taxable, but I wanted to confirm if for that apply for that amount as well. The money was inherited from previous generations so it's not related to the sale of a recent property or land. Thanks!

I have savings in India earned while I worked there and income tax was already paid in India. This is my own money and is subject to tax deductions at source in India. In addition to this I have transferred money from my UK earnings into this account in India after paying the UK taxes. Now I wish to transfer this to my Uk account and use it to pay as deposit for my first home. What are the tax implications if any? Do I need to pay any tax if I transfer that money to my UK savings account? If yes, how will that happen? How do I notify HMRC on this transfer if I have to notify them?

Hi,

You will not need to declare the actual transfer of the capital. You will need to report any interest or dividends that this has generated.

Thank you.
 

Hi Diego.
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).
Your bank may require evidence of the source though.
Thank you.

Hi iam moved to UK from pakistan in nov 2023 I transfer funds from pakistan wise account to uk bank for general living expenses, do i have to pay tax on these funds? Iam not doing any job in uK so in tax return what i have to show?

Hello, I am an EU national currently living in the UK with a skilled worker visa. My spouse is a UK resident. We are planning on buying a house in the UK. I am getting a donation from my parents to pay for part of the mortgage, which will come from the sale of stock market shares. All relevant taxes in my country will be paid before the money is transfered to my UK bank account. The money will be used immediately to pay for the mortgage. This is the first property either of us buys. Are there any taxes I would need to pay in the UK? Thank you!