A Ahmad
Joined: 4/16/2023
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RE: Gift tax for cash gift from overseas
Hello HMRC, My father who is in Pakistan (not a UK citizen/ resident) wants to gift me some real estate property. I understand that as a gift it will not be taxed, but if there are any capital gains that I realize on this later will be taxed. Is this understanding correct? Also couple of questions in this context. 1) Do I need to report this gift to HMRC 2) Is there a limit of value for this gift beyond which this will become taxable for me? 3) If I am a non-domiciled individual in UK, how does it change the above? Thanks a lot for your guidance on this.