Firuza Normatova
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RE: Gift tax for cash gift from overseas
Hi, I would be grateful if you could clarify the UK tax implication in the following circumstances. I am a British citizen that lived abroad since 2013. I will return back to the UK with my children of 14 and 12 years old and resume my tax residency in August 2024. My husband who is a non-dom British citizen and non-UK resident, will continue to remain a non-UK resident and will not live in the UK. Could you please let me know if the following is correct? - All money that I receive to my UK bank accounts from my husband or my other relatives that are not UK residents have no UK tax implication as this is a cash gift. Is this correct? - There is no limit on amount and / or number of such transfers. Is this also correct? - The transfer of monies from an overseas bank account of my non-resident husband to his UK bank accounts has no income tax implications. Is this correct? Could you please confirm? Many thanks