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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15901
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Can I receive a cash gift from my parents who live overseas

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Can I receive a cash gift from my parents who live overseas and if so, is there any tax implications? Is there a limit of money that I can receive as a cash gift?

Are your parents British? Do they have any UK based assets?
Customer: replied 3 years ago.

No, they are from South America.


There is no limit to the amount of a cash gift you can receive in the UK. You won't have to pay UK tax on it. If you put the money on deposit and it earns interest, that will be taxable.

I hope this helps but let me know if you have any further questions.
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