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Posted Sun, 28 Jan 2024 11:04:38 GMT by
Hi HMRC, 1) I just realised that I have missed the deadline of submitting a Self Assessment for Tax year 6/4/2022-5/4/2023, and I have just registered for the UTP today, I understand that I have to wait for the activation code in order to file the Self Assessment. Could you please advise can I still submit my Self Assessment for the captioned tax year? And what the penalty will be? 2) Besides, I had some income from my family members as gift deposited to my foreign country Bank account, could you please advise do I need to include them as my foreign income? Thank you so much in advance.
Posted Wed, 31 Jan 2024 10:04:33 GMT by HMRC Admin 19

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 Income Tax. You can see guidance here:

Tax on savings interest

Tax on dividends

You can see information on penalties here:

Self Assessment tax returns

Thank you.
Posted Wed, 31 Jan 2024 10:12:07 GMT by
Hi HMRC, Thank you for your advice. The foreign interests income generated from gifts was less than £4, could you please also advise do I need to file this to a self assessment? Thanks in advance.
Posted Fri, 02 Feb 2024 09:13:26 GMT by HMRC Admin 25
Hi Ming Fu,
If this is the only reason for a return then due to the extremely small amount, no.
Thank you. 

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