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Posted Tue, 19 Jul 2022 21:17:49 GMT by hts2000
Hi, I am currently a UK resident, and my parents from overseas (EU citizens & residents) would like to gift me a substantial amount of money (~£100 000) from their savings. Do I need to pay taxes on it, report it, or do my parents need to write a gift letter/prove the source of the money? Thanks in advance! Cheers!
Posted Wed, 20 Jul 2022 10:19:14 GMT by HMRC Admin 17

Hi,
 
There are no income tax implications on the receipt of a cash gift unless the income 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   .

Your parents dont need to write in  .

Thank you .


 

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