Foreign income - Gift from my parent (non-UK resident)

Hi there I am a tax resident in UK starting from 23/24. My mother (non-UK resident) and I have had a joint bank account in overseas and we transferred some money out to one of my personal bank account in Feb 2024. Shall I report “half of this transferred amount” as gift from my mother in the 23/24 tax return? If yes, may I put this amount in box 46 of SA106 Other overseas income and gains? Lastly, is this money non-taxable as my mother is not an UK resident? Thanks.

Hi,

If the money in the overseas bank account arose in a tax year that you were not resident in the UK, then it is not taxable when you bring it to the UK.  It will be treated as capital.  

Only if you were resident in the UK when the money arose, would it be treated as income and be taxable in a Self Assessment tax return.

Thank you.