Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 27 Mar 2024 17:36:04 GMT by T Yeung
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.
Posted Tue, 02 Apr 2024 09:56:17 GMT by HMRC Admin 2

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.

You must be signed in to post in this forum.