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Posted Wed, 24 May 2023 14:51:50 GMT by
Hi, my mother lives in Germany and would like to gift me some money. I live in the UK and pay my taxes in the UK. I have read on a community thread that I don't have to pay taxes on this money, unless it makes a capital gain. However, I also read that I am only allowed a gift of 3000£ per year. I'm very confused. What is correct? Thank you
Posted Thu, 25 May 2023 14:10:43 GMT by HMRC Admin 25
Hi The Dude Saunders,
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. 

 

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