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Posted Fri, 31 Mar 2023 09:42:35 GMT by
Hello I am a EU citizen, UK resident, paying all my taxes here. My parents abroad intend to loan me £60.000 (reimbursable - no interest), made by bank transfer from abroad, which I will use to make an early repayment on my mortgage. Will this sum be taxable by HMRC? Thank you.
Posted Tue, 11 Apr 2023 13:44:18 GMT by HMRC Admin 32
Hi,

There are no Income Tax implications re: receipt of a loan from relatives overseas. However any interest arising when the funds are deposited in your bank account may be taxable.  

Tax on savings interest

Thank you.
Posted Wed, 29 Nov 2023 19:10:28 GMT by
Do I have to present any documents or contracts to HMRC in order to proof the funds origin?
Posted Fri, 01 Dec 2023 09:25:59 GMT by HMRC Admin 25
Hi Alex Torres,
Not to HMRC, but your bank may require such evidence.
Thank you. 
Posted Sun, 03 Dec 2023 16:34:42 GMT by Cal
If the loan is repaid from an EU bank account in Euros would that incur any UK taxes?
Posted Mon, 04 Dec 2023 11:06:29 GMT by
Hello, I am a EU citizen, UK resident, paying all my taxes here. My parents abroad intend to loan me £120.000 (reimbursable - no interest), made by bank transfer from abroad, which I will use to buy a house. Will this sum be taxable by HMRC? Thank You.
Posted Wed, 06 Dec 2023 13:25:11 GMT by HMRC Admin 10
Hi Cal
Not for the person making the repayments, the person receiving the payments should check the tax laws in their country.
Posted Wed, 06 Dec 2023 15:02:16 GMT by HMRC Admin 19
Hi Marcb,

No, there is no Income Tax consequence on this. You may want to inform your bank of this though.

Thank you.

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