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Posted Thu, 15 Feb 2024 23:48:51 GMT by Anjali Castelino
Hi, My parents residing in India will be transferring some cash to my UK bank account as gift. I’ll use this to pay my mortgage overpayment . Do I need to pay tax for the amount transferred by my parents ?
Posted Tue, 20 Feb 2024 13:32:33 GMT by HMRC Admin 32
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.
 

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