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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My mother-in-law, who is Turkish and lives in Turkey, is giving

Resolved Question:

My mother-in-law, who is Turkish and lives in Turkey, is giving my wife a large cash gift. Are we liable to pay tax on it?
Submitted: 3 years ago.
Category: Tax
Expert: replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

There is no tax on cash gifts received. As a recipient of a gift, you receive it tax free.
As it is a large cash gift, you are best advised to have it properly documented confirming it is a gift and unconditional. This would help with any questions HMRC may have in the future and also comply with Money Laundering regulations with the bank.

I hope this is helpful and answers your question.

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