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Posted Sat, 28 Dec 2024 10:47:22 GMT by Karlis
Hello, We have a case of money being sent from EU bank account (direct relative/family member) to my UK bank account for investment. Would this money be subject to any income/state tax prior to investing it? Would it be seen as direct income from abroad or it is not subject to any tax unless it gets invested and there is any capital gain on the original transfer sum? Thanks.
Posted Wed, 08 Jan 2025 11:40:20 GMT by HMRC Admin 8 Response
Hi,
There are generally no Income Tax implications on the giving of or receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you.

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