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Posted Wed, 25 Dec 2024 15:12:44 GMT by Magdalena Szybka
Hello! I am a UK tax resident. I come from Poland and I have an account in a Polish bank. My father who is a tax resident in Poland would like to send some money into my Polish bank account as a gift. If I then send the money I received from my father from my Polish bank account into my British bank account, would I need to declare this transaction to HMRC and pay tax? Thank you for your help!
Posted Tue, 07 Jan 2025 11:28:19 GMT by HMRC Admin 1 Response

There are no Income Tax implications on the 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 (https://www.gov.uk/apply-tax-free-interest-on-savings and https://www.gov.uk/tax-on-dividends). 

Posted Tue, 07 Jan 2025 12:26:55 GMT by Magdalena Szybka
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