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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4940
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am a UK national and tax resident. My mother, an Indian citizen,

Resolved Question:

I am a UK national and tax resident. My mother, an Indian citizen, wants give me a cash gift. The gift will be via bank transfer from her account in India to my bank account in UK.
- Is there an annual limit to what I can receive as a gift from my mother?
- Is the gift received taxable in my hands in UK
- Do I need to show this gift as part of my annual tax returns?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your questionThe recipient of a gift receives it free of any tax in the UK.. there is no tax on gifts.There is no limit to what you can receive as a gift from anyoneYou don't have to report the gift on your tax return but you should retain any documents pertaining to the gift in the event there was an enquiry on your tax return/tax affairs.You should also inform your bank of any impending transfers into your account to comply with Money Laundering regulations. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
Thank you for your quick response. I am clear --- in case I have any follow up questions on this query/transaction is there a time limit within which I will need to send in the query to you?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your questionIt does not matter who it is let to.. if it is rental income then it is taxable.If you had a family member and he/she made a contribution towards the running of the property but did not pay you rent then the contribution won't be taxable. I hope this is helpful and answers your question.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4940
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes

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