Gift from Wife (overseas account)

Hi. Will a gift from my wife be taxable on either my wife/myself? The money is in her Indian bank account. We are both British residents. Would I need to file a self assessment due to this gift received? I usually don’t as it’s take care of by my employer. Can spouses move money to each other with out having to declare anything and without any limits? Thank you.

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. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.