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Posted Sun, 21 Apr 2024 18:08:00 GMT by SMTWL
Hi HMRC, I am currently living and working in England under a BNO 5+1 visa, and am a tax payer in the UK. My parents, who are permanent residents of Hong Kong and reside there, want to transfer GBP60,000 cash from Hong Kong to my UK bank account as a gift. I would like to ask whether this amount of money and the transfer itself are taxable in the UK? I’ve heard that there will be a change in tax policy. Will this case be affected in the near future according to the new policy? Look forward to your reply. Many thanks, Agnes
Posted Mon, 29 Apr 2024 12:01:09 GMT by HMRC Admin 32

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.

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