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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Team, If an amount of c.20k is being sent from my parents to

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Hello team,If an amount of c.20k is being sent from my parents to my own account here in the UK, as a gift, would be subject to UK tax as I am a UK resident (for tax purposes)?Thank you.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Recipients of gift don't pay tax on them in the UK. You should keep a record of the gift in case you are asked about it and advise your bank in advance of the transfer to avoid delays in access due to money laundering rules.

There will be no Inheritance Tax implications for your parents so long as they are non-UK domiciled and the gift is made from non-UK sources.

I hope this helps but let me know if you have any further questions.

Customer: replied 7 months ago.
Thank you!

Would you mind rating my answer before you leave the site please.

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