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Cash gift from abroad - tax
Mohsin125
Posts: 13 Forumite
in Cutting tax
Hi,
Me and my wife are looking to buy a house and to help with deposit, my parents (who are Asia) have given a cash gift of £5k. I have the cash with me now physically but have not deposited in my bank account yet. I wanted to ensure I follow the correct steps for tax disclosure while ensuring I minimise the tax bill.
Can anyone please guide me what I need to do? I believe if i go and deposit the monies in the bank account, it might raise questions later by HMRC?
Thanks
Me and my wife are looking to buy a house and to help with deposit, my parents (who are Asia) have given a cash gift of £5k. I have the cash with me now physically but have not deposited in my bank account yet. I wanted to ensure I follow the correct steps for tax disclosure while ensuring I minimise the tax bill.
Can anyone please guide me what I need to do? I believe if i go and deposit the monies in the bank account, it might raise questions later by HMRC?
Thanks
0
Comments
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There is no tax on gifts. The bank may query the source due to anti-money laundering measures.0
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TadleyBaggie wrote: »There is no tax on gifts. The bank may query the source due to anti-money laundering measures.
I'd say it's almost certain that depositing £5000 in cash will lead to some questions being asked, and with a foreign source the OP needs to make sure that a full paper trail is available at the time the money is taken to the bank.0
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