Gift Tax from Overseas parents

Hi, My parents is overseas citizen and would like to transfer me £10,000 in my UK bank account. Is there any Gift Tax I have to pay in UK? is there any inheritance tax implication for the money received in the UK? Thanks Parry

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.  Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.