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Posted Thu, 21 Nov 2024 22:47:38 GMT by Daffysknees
I am a resident of Canada and have dual Canadian and UK citizenship. I am considering an early inheritance gift of 600,000 GBP to my daughter who lives in UK to either purchase a property in the UK or as a lump sum. What tax liabilities may she face with HMRC assuming I live more than 7years?
Posted Fri, 22 Nov 2024 11:39:48 GMT by HMRC Admin 34 Response
Hi,
There are no tax implications on the receipt of a cash gift unless they generate 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

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