Do I need to pay tax on a cash gift from a US company?

Hello A US company rescinded my job offer a few days before the start date and have given me some cash which they are under no obligation to do. They tell me I don't need to pay tax on that since it is a gift and I just wanted to confirm if that is correct. Thank you

Hi,

There are no 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. You can see guidance here:

Tax on savings interest

Tax on dividends

You can also see a previous forum thread on this subject here:

Gift money and tax

Thank you.