HMRC Admin 17 Response
Joined: 1/20/2021
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RE: Cash gift from parents outside UK
Hi,
There are no income tax implications on the gifts of money unless the money accrues interest in a bank account,
at which point the interest would potentially be subject to tax.
Thank you. -
RE: Money transfer
Hi,
There are no income tax purposes on a gift of money unless the money generates interest in a bank account in which case
the interest needs to be reported for income tax purposes in the year in which the interest accrued.
You may wish to check with inheritance tax however for any inheritance tax implications :
How Inheritance Tax works: thresholds, rules and allowances .
They can be contacted here :
Inheritance Tax: general enquiries .
Thank you. -
RE: Cash gift from parents outside UK
Hi,
You would not need to declare the income, you would only need to declare any income that arises from this, such as any bank interest.
Thank you. -
RE: Tax refund to Agen
Hi,
If you are unaware of signing any documents, if you contact our income tax department we can issue a copy of the document we received :
Income Tax: general enquiries .
Thank you. -
RE: BNO
Hi,
There are no income tax implications on the gifting of money unless this generates interest in a bank in
which case the interest would be subject to income tax.
Thank you. -
RE: Transferring personal money to UK
Hi,
If this is money you had before becoming UK resident for tax purposes then you can bring in
that money without any tax implications.
Thank you. -
RE: Money transfer
Hi
Polly Pang,
You would not need to declare this for capital gains purposes but as a UK resident you will be required to pay income tax on the interest,
even if this money is held abroad.
Further information on foreign currency if held as an asset however can be found here :
Capital Gains Manual .
Thank you. -
RE: Money transfer
Hi
NoelM ,
No there is no income tax implications on this unless there is an agreement where he is paying you back interest as well.
Thank you. -
RE: Transferring personal money to UK
Hi,
For income tax purposes, yes this is all you would need to do.
As advised though, if you have previously not delared this income to us due to the remittance basis then t
his will become taxable when brought into the UK.
Thank you. -
RE: Transferring personal money to UK
Hi,
There would be no income tax implications on this unless you have previously claimed the remittance basis on this income
that you are now bringing into the UK.
If the money generates any interest in a bank however, this would be reportable for tax purposes.
Thank you.