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Posted Thu, 03 Aug 2023 02:24:44 GMT by
Hello, My father is making a cash gift of £175,000 from India via a bank transfer. Is there any tax I need to pay on it? Do I need to declare it in the self assessment form? Thanks
Posted Tue, 08 Aug 2023 14:09:41 GMT by HMRC Admin 32
Hi,

No. If you are resident in the UK in the tax year, you disposed of the property, you will be liable to Capital Gains Tax, even you paid tax in India. You may be entitled to private residence relief, provided this was your main home at some point during ownership. All parts of your capital gains calculation, must be in pounds sterling, Using the official exchange rate in operation at the time of acqusition and disposal.
 
The official rates can be found at:

Exchange rates from HMRC in CSV and XML format

For older rates of exchange have a look at:

Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009 

You can work out your gain using below and report on a self assessment tax return.

Tax when you sell property

Thank you.
Posted Thu, 24 Aug 2023 12:55:09 GMT by
Hello HMRC, I hope this email finds you well. I am reaching out to seek guidance on personal taxes in the UK. I am an Indian national who recently relocated from China to the UK. I had been working in China for 6 years before moving to the UK on a Tier 2 Visa, which is valid for 5 years. During my time in China, I was entitled to two benefits from my company: • China Social Security. • Swiss Private Pension Upon moving to the UK and joining the same company's UK branch, I have learned that the UK has its own local social security and pension system. As I moved from China to UK, I am no longer paying for Social Security in China & my company has stopped paying for Swiss Private Pension. I have now been informed by China Authorities that I need to withdraw my complete social security from China & also pension from Swiss Private Pension. It is suggested that I take this payment as a lump sum into my saving account, which amounts upto 50,000 GBP. I am looking for your guidance on following points - 1. Will there be any tax exposure in UK if I transfer/withdraw all my social security from China (Around GBP 25,000) & take it into my personal saving (current) account in UK. I cannot keep this money in China & must withdraw all the pension as I am relocated to UK now. 2. Will there be any tax exposure in UK if I withdraw all my private pension from Switzerland (Around GBP 25,000) & take it into my personal saving (current) account in UK. I cannot keep this money in Swiss Pension & must withdraw or transfer all the pension as company is not contributing for it anymore. 3. What is the tax exposure if I transfer my life savings of GBP 100,000 from India into UK. Please let me know if you have any further questions.
Posted Fri, 24 Nov 2023 14:21:41 GMT by
Hi, 1. If maternal grand mother send gift to her Grand daughter as Gift, is there a Tax in India. 2. Does the Grand daughter is PR holder in UK has any Tax implications?
Posted Mon, 27 Nov 2023 18:12:01 GMT by
Hi, I have moved to UK in skilled worker visa and started working In a permanent job under my sponsor employer in the UK from July 2021. Last year I have sold my flat in India and transferred that fund to UK this year to pay the deposit amount for my house Mortgage in UK. Is there any tax liability in UK for the amount transferred to UK from my Indian account. I have already filed tax return in India. Should I file any self assessment tax in UK or should I declare this details with HMRC to avoid any issues in future? Please help me with this query. Thank you.
Posted Tue, 28 Nov 2023 10:39:00 GMT by HMRC Admin 32
Hi Thyagu1954,

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

Tax on dividends

Thank you.
Posted Wed, 29 Nov 2023 15:03:37 GMT by HMRC Admin 19
Hi Abraham Kuriakose,

Yes, this needs to be reported. You can see guidance here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Sun, 31 Dec 2023 00:37:44 GMT by
Hi, I have been in the UK for the last 2 years on a work VISA. If I sell my property in India and pay taxes according to Indian law (Capital Gain tax) in India at the time of selling, and further transfer that money to a UK bank account for the purpose of deposit for buying a house in the UK. Do I need to pay tax in the UK to bring the money from India? Thank you.
Posted Tue, 09 Jan 2024 14:40:51 GMT by HMRC Admin 5
Hi gj02

You will also need to declare the sale in the UK for capital gains. You can claim relief for the tax paid in India to reduce your UK bill - Capital Gains Tax: what you pay it on, rates and allowances

Thank you
Posted Fri, 19 Jan 2024 09:30:16 GMT by
Hi, My daughter is UK resident and currently studying medicine in UK (student) and not earning. I am UK resident but finding difficult to fund her education. Hence my father (her grand parent) from India has agreed to fund her education and planning to send her £7000. Does she need to pay any tax for this amount ? Also, if they (grand parents) sends more money to her in the future. Does she need to pay any tax for additional amount ?
Posted Mon, 22 Jan 2024 15:00:52 GMT by
I am uk Non Domicile [ 9 years in the UK ] . Is there any tax implication if i need to transfer money to UK Approx. £10,000. I am declaring global income ( self assessment) on arising basis in the UK for tax purpose . Do i still have to pay remittance basis charge of £30,000 .
Posted Mon, 22 Jan 2024 15:05:29 GMT by HMRC Admin 10
Hi
There are no income tax implications on the receipt of a cash gifts 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 ).  There is no limit to the amount of cash gift or frequesncy of cash gift given or received.

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