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Posted Tue, 17 Dec 2024 16:39:11 GMT by Tais Machado
I have been chatting to different accountants and getting different advice each time. I am a UK resident (have been for the past 5.5 years) and have a full-time job here (PAYE). Recently, my parents back in Brazil have decided to make me a partner in their company. They have donated an amount to me so I could buy shares of that company. Do I need to complete a tax return in this case? I’m not receiving any dividends but I’m a shareholder and my parents have donated money for me to buy the shares (all happened in Brazil, nothing happened in the UK).
Posted Mon, 30 Dec 2024 09:02:21 GMT by HMRC Admin 32 Response
Hi,
The cash gift it self is not taxable but if you now have foreign income you will need to complete a tax return.
Thank you.

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