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Posted Sun, 24 Mar 2024 07:03:44 GMT by EL2011
Hi HMRC Admin I am claiming remittance basis on my foreign income. I intend to gift my wife £50,000 using my offshore fund account located in Hong Kong. She may use this fund to buy a property in the UK later under her own name for her personal use. Do I need to report this as my remittance into the UK? Thanks!
Posted Wed, 27 Mar 2024 09:26:50 GMT by HMRC Admin 5
Hi

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 and Tax on dividends).  

Thanks

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