Mp2805
Joined: 5/2/2023
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RE: Gift tax for cash gift from overseas
Hi, I am an Italian citizen living in UK for 4 years and paying tax in the UK. I will receive 500,000 euros as donation from my dad, who resides in Italy. This will be registered by an Italian notary according to Italian law and complying with Italian tax laws. I will then transfer this money to the UK and use it to partially repay a UK mortgage. Do I have to declare this amount in the UK? Are UK taxes due on it? Thanks Mike