Cash gift

I am a BNO visa holder from Hong Kong and will be coming to UK to stay and study. My parents who are not UK tax residents are thinking of sending some money to support my living in the UK. 1. Will the money I receive from parents be taxable? Does it matter if my parents send the money to me via their bank accounts in Hong Kong or their UK bank accounts? 2. Does the amount of money sent by my parents have a limit for tax issues? 3. Is there any difference on tax issues whether or not I receive my parents' money support before I arrive at UK or after I settle down in UK? 4. If my parents are not UK residents/citizens, does the UK 7 years inheritance tax rule apply to the money I receive from my parents' sponsorship?

Hi,

There is no limit to a cash gift.  

We cannot comment on the tax implications of you receiving this gift while resident in another country. If you are resident in the UK, there are no UK Income Tax implications on the receipt of a cash gift, unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

As your parents are not UK resident, there are no Inheritance Tax implications on the gift.

Thank you.