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Transfers from UK account to an overseas account of parent

Posted Tue, 12 Sep 2023 08:45:04 GMT by
Hello, If I transfer money from my NRE account in India to my parents non-NRE accounts in India, do I need to declare that to HMRC and do I need to pay any tax on the money transferred? Thank you.
HMRC Admin 25
Posted Wed, 20 Sep 2023 06:06:27 GMT by HMRC Admin 25
Hi twad8419t,
No. You may have to pay tax on any interest that may arise in the course of the transfer..
Thank you. 
 

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