Self Assessment and Financial Gifts

Where do I report a gift of money from family on my self-assessment tax form please?

Hi,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends, so it should not be declared in a self assessment tax return. These would then potentially be subject to tax.

Further guidance can be found here:

Tax on savings interest

Tax on dividends

If the gift is from a resident in the UK, they may wish to consider inheritance tax implications, that may arise from the gift.  

They may wish to review the guidance below for more advice.

How Inheritance Tax works: thresholds, rules and allowances

Thank you.

Where do I report a gift of money I GAVE my family on my self-assessment tax form please?

Hi,
You do not need to report this as there is no tax consequesnce.
You can make reference to it in the comments section.
Thank you.