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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3822
Experience:  FCCA FCMA CGMA ACIS
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, I've a question please. I'm unemployed and I'm totally

Customer Question

Hello, I’ve a question please. I’m unemployed and I’m totally supported by my parents. My family lives overseas and they send me money from abroad. Do I have to pay income tax on the money I receive from them? Thank you.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
In a word, no. Gifts are outside the scope of UK taxation.
Simple, as the mercat in the TV advert would say!
I do hope I have helped set your mind at rest on this matter.
Expert:  bigduckontax replied 2 years ago.
One small point, if the gifts are substantial you should warn your bank of incoming funds to preclude a money laundering enquiry.
You do not declare these gifts on your annual self assessment tax return which you probably are not, like the majority of the population, required to make anyway.

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