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Receiving cash from India

Posted Sun, 01 Oct 2023 10:41:52 GMT by
Hi, Here's my situation: I am a British citizen (via naturalisation) living in England. I am planning to buy a house here in England. My parents (are Indian Citizen) who want to help me with some money (£50,000) as a gift directly to my account in England. Do I need to report this in my tax return to HMRC, pay any tax on it, or mention this in any form to any authority in the UK? Thanks for your advice!
HMRC Admin 10 Response
Posted Thu, 05 Oct 2023 14:46:23 GMT by HMRC Admin 10 Response
Hi
Cash gifts are not subject to income tax or capital gains tax, however, any interest or dividends they generate, may be taxed in the UK.
 They do not need to be retported to HMRC.

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