gauravarora
Joined: 4/26/2024
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Tax implication for money transfer from Overseas
Hello, I am a British Citizen and Tax payer and resident / Domiciled in the UK. One of my friends in India needed some monetary help so I sent some money to him (he is residing and tax payer in India). He now wants to return money to me. This is the same amount as I lent him. He is NOT paying me any interest so there is no gain or income for me. When the money arrives in my UK bank account from his Indian account, will I be liable to pay any tax or charges to HMRC considering this is the same amount as I lent him and I haven't had any financial gains?