HMRC Admin 1 Response
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RE: Gift tax for cash gift from overseas
Hi ALT
You are not required to declare the gift from your parents. If the gift generates interest of dividends after you receive it then these will potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thanks -
RE: Gift tax for cash gift from overseas
Hi Alice
Yes, it does still count as a cash gift if the funds are sent via cheque or online transfer like PayPal There is no limit on how large the cash gift can be.
Thanks