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    sophieann's Avatar
    sophieann Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 10, 2012, 02:12 PM
    I am a uk resident parents live overseas and want to give a gift do I pay tax on 40k
    My parents live in cyprus and have a uk bank account in gbp. My mum wants to give me 40k do I have to pay tax on this or do I only pay tax on the interest earned.
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    May 10, 2012, 02:19 PM
    This would come under Capital Gains Tax as it is over the £10,600 threshold.

    More information here: HM Revenue & Customs:
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