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Sam
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Category: Tax
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Tax
Assistant: Thank you. Can you provide any more details to help us find you the right Expert?
Customer: Sure, I am looking to understand the tax laws around receiving tax gifts from family members - with added complexity of the money coming from outside of the UK
Submitted: 10 months ago.
Category: Tax
Expert:  Sam replied 10 months ago.

Hi

Thanks for your question

There is no tax on gifts made to you from any relative whether they live in the UK or not -

Let me know if I can assist further with this matter

Thanks

Sam

Customer: replied 10 months ago.
Hello, thank you for the answer.Would I need to report these gifts in a tax return. Also does this no-tax on gifts have a limit?
Expert:  Sam replied 10 months ago.

Hi

No you do not need to report these as they are not income on which tax arises - you may wish to alert your bank if the amount is substantial as they may need to carry out security checks on the amount.

And there is NO limit on gifts re the tax - they remin free of tax

ts only the person making the gift that would need to worry about tax (inheritance tax) and gifts, but as your relatives are not in the UK, our UK Inheritance tax laws will not apply to them, so they have no UK tax to consider either.

Do let me know if I can assist furtehr, how eve if you have all that you need, it would be appreciated if you could rate me for the level of service I have provided (or click accept)

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13810
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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