receiving cash gift from china to uk bank account

[tomwhite_]

hi i am a self employed trader and want to recieve a cash gift from a freind in china, i wanted to ask if i have to pay any tax on it or anything that i need to decalre on the hmrc self assessment forms?

and is there any gift threshold/allowance per year?

[bd6759]

There is no gift tax.

Document the gift. HMRC might wonder where the money from if they enquire into your self employment profits. Your bank may be required to report the foreign transaction under MLR.