YX
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RE: Transferring personal money to UK
Hi, I am an international student from China studying in the UK, and I have a couple of tax-related inquiries that I would appreciate your assistance with: Tax on Gifted Money: I have received a monetary gift in British pounds from my parents. I understand that gifts are generally not taxed in the UK, but could you confirm whether this gift is exempt from taxation? Additionally, I would like to know whether this gifted amount would count towards any of my allowances, such as the Personal Allowance or Savings Allowance, when calculating my tax obligations. Tax on Savings Interest: I do not have any other income besides the interest from my savings. If my annual savings interest is below £5,000, am I correct in understanding that I would not have to pay any tax on this interest, as I do not exceed the starting rate for savings, and my total income is below £17,570? Could you kindly provide clarification on these points and let me know if there is any further documentation or information you require from my side?