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Posted Thu, 19 Sep 2024 00:45:02 GMT by thisismass0007
Now I am living in UK and I am likely to be a UK tax resident for 2024-2025 tax year. Suppose my foreign credit card is paid by my foreign saving which is the money as gift given from my parents who are not UK residents (not paid by the income from 2024-2025 tax year) If I use the foreign Credit card to pay for the UK goods and services, will this situation be liable to pay any taxes? Thank you very much.
Posted Thu, 26 Sep 2024 13:37:54 GMT by HMRC Admin 25 Response
Hi thisismass0007,
Cash gifts are not taxable.
As a resident of the UK, you will be taxable on your world-wide income and gains using the 'arising' basis, whether the income or gains are remitted to the UK or not.
If you are claiming the remittance basis, then any unremitted income or gains used to purchase UK goods or services is deemed to be remitted to the UK and is taxable.
Thank you. 

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