loan from a family member from abroad

Galldindi

Do I need to include in my tax return £105000 I received last summer as a loan from my mother in Spain?

Keep_pedalling

No, even if it was a gift there would be nothing for you to declare in the UK although Spain does apply gift tax.

TadleyBaggie

There are no tax implications when receiving a loan.

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/6659282/loan-from-a-family-member-from-abroad

No. If this is a true loan and you have paperwork to support that status and your obligations to repay then there is nothing to report in your tax return. Exactly the same as if you took a loan from a High Street bank.

Galldindi

I have the paperwork to support the loan, but there is a possibility that I might not return the loan, as my mother does not need the money at the moment and is not likely to need it in the foreseeable future, besides being also quite old. However, many things can happen in life and I might have to return the loan for which, according to the paperwork I have 10 years time.