Hi,
I am being donated some cash by a relative in a foreign country and I want to keep it there in a bank account.
At the moment I pay tax on a payee basis for my job. Am I right in assuming that the tax due (in addition to my salary tax) will be on the interest accrued in the bank account where my cash gift is.
a) Do I need to write to hmrc telling them about this gift?
b) Or do I just submit a tax return for the year 2011 2012 indicating the new foreign income?
Also will HMRC request proof of gift.
Thanks
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