Shengyan Q
Joined: 1/30/2023
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RE: Gift tax for cash gift from overseas
Hello HMRC, I just got my British passport and UK tax payer. My parents are Chinese passport holder, NOT living in UK. They are planning to GIFT me £500k - 1million to buy a house from their HK bank account to my UK personal bank account. Do I need to pay income tax upon receipt the money? Do I need to report this amount to HMRC on my annual personal tax return? Thank you