This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Gift received from abroad

birdie123
Posts:1
Joined:Sat Oct 06, 2018 9:26 pm
Gift received from abroad

Postby birdie123 » Sat Oct 06, 2018 9:31 pm

Hello

I am expecting a gift of £15k from my Mom, EU country.

1 - will I need to pay taxes on this?
2 - do I need to report it to the HMRC?
3- any supporting documents that I might be asked for?

Thanks a lot, I know similar questions has been discussed before but I found many different answers and I want to make sure I'm not breeching any rules :)

JRG
Posts:424
Joined:Wed Feb 03, 2010 4:40 pm

Re: Gift received from abroad

Postby JRG » Sun Oct 07, 2018 8:45 pm

This question has been asked and answered so many times on this forum.

There is no tax payable on gifts received, wherever they come from.

The only tax payable would be on any interest received if the money is paid into an interest-paying account.


Return to “Income Tax”