HMRC Admin 19 Response

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. You can see guidance here:

Tax on savings interest

Tax on dividends

Thank you.

Hi,

That is correct. You can only set Foreign Tax Credit Relief against the UK tax payable on an equivalent source of UK income.  

If you had foreign bank interest, then only if you had Uk tax to pay on that interest, can you claim tax relief for tax paid overseas on that interest.

Thank you.