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Posted Mon, 12 Feb 2024 00:04:39 GMT by
My parents are Japanese nationals, also residing in Japan. They have a savings account in Germany as they lived there till last year. If they wanted to gift me the equivalent of £200,000, would I have to pay taxes on this? I know that there is a double-taxation agreement between Japan and the UK but it doesn't seem to cover gifts. I would have to pay the equivalent of roughly £18,000 to the Japanese Government when receiving the gift.
Posted Thu, 15 Feb 2024 09:40:05 GMT by HMRC Admin 25
Hi InterestedInTax,
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
Thank you. 
Posted Thu, 15 Feb 2024 10:46:05 GMT by
Thanks for your response. I have a quick follow-up question, I thought that normally there is a gift tax on cash gifts received from the UK citizen in the UK, does this not apply if this is gifted by foreign nationals from abroad? Many thanks.
Posted Tue, 20 Feb 2024 10:26:24 GMT by HMRC Admin 5
Hi InterestedInTax

There is no gift tax in the UK.


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