EU Settled non-UK resident taxation for gift money

I have EU citizenship and used to live for 5 years in the UK, and have been granted Settled Status (right to reside permanently after Brexit) under the EU Settlement Scheme. However, I currently live overseas in a EU country where I am attending higher education. I don't have an income in the UK and therefore do not pay tax in the UK. However, I still have a UK bank account. My parents have now gifted me 200,000 euros and I have transferred these money to my UK bank account. In this case, what kind of tax will I have to pay for these savings? Does capital gain tax apply to me? Thank you for looking into my enquiry. I look forward to hearing back from you.

Hi daer,
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.
 Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you.   
 

Thank you for your reply. I read the link you posted regarding 'tax on savings interest' and I would like a clarification please: Myself I don't have any income in the UK, but only in the EU country where I am based and where I am also a tax resident. Therefore, my only UK income would be the interest from my savings which is projected to circa £10,000 a year. In this case, do I have to pay any tax in the UK given that the income from savings interest is lower than £12,570 (Personal Allowance)? Or do I have to pay tax on any income from savings that is above £5000 (Starting rate for savings)? Thank you in advance for your assistance.

Hi daer, 
If you are entitled to claim personal tax allowances as a non resident, these would cover the UK interest and no tax would be due.
Thank you. 
 

Hello, You mention above that 'if' I am entitled to tax allowance then there would be no tax due. Can you not confirm whether I would indeed be entitled to tax allowance given the details I provided above? The case is that I looked up the guidance in the page below: https://www.gov.uk/tax-uk-income-live-abroad/personal-allowance My understanding is that since I am a EU national (one of the conditions) then I am entitled to the tax allowance for any UK income. Could you please confirm this? It is critical for me to confirm this from a credible source, which is why posting in the HMRC forums.

Hi,

As a national of a member state of the European Ecconomic Area (EEA), you are entitled to claim personal allowances by ticking box 16 of SA109 and entering in box 17, the 3 character code relating to the country you are a national and, or, a resident of. You can see the notes for box 16 and 17 on the SA109 help sheet for a list of countries in the EEA and for the other situations that personal allowances can be claimed in box 16 and the 3 character code for the country you are a national and, or, a resident of.

Residence, remittance basis etc notes 

Thank you.