HMRC Admin 32 Response
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RE: Cash gift from parents outside UK
Hi Rafael,
The 7 year rule is for inheritance tax reasons as the gift would be included in part of the estate if the gift was over £3000 and was received within 7 years of the gifter passing away. This is for UK inheritance. You dont declare it as income for yourself unless it generates any interest or dividends.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi Tishorg
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
Re: Online Marketplace
Hi Jay,
That is correct - see guidance at:
Selling online and paying taxes - information sheet
Thank you. -
RE: Home to office mileage
Hi,
No as this would be a normal commute to work as the office space is provided.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi JulBom,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
RE: Tax on Bonus
Hi,
As it is paid in 2023 to 2024 year, the tax due will be based on your annual income for that year. As paid in April, 40% is correct on those figures.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
RE: Money transfer
Hi anbujoe,
The money given as a gift is taxable income and will beed to be declared.
EIM01450 - Employment income: gifts and other voluntary payments
With regards to the property purchase, how you fund the purchase is up to you. You can borrow money from financial providers by way of a mortgage. This is not taxable income.
Thank you. -
RE: Reporting savings interest
Hi,
HMRC will be informed of the interest after the tax year has ended. If you have any additional tax to pay then we would try to collect it in a future years tax code. If you wish to pay it in full you will be able to do this once the calculation is issued.
Thank you.