Money from relative abroad

Hi, I'm UK citizen and tax payer. My sister has been living as a permanent resident in Australia for 19 years and is now planning to move back home to the UK. She wants to transfer a large sum of money, around £400,000 to me now to hold until she gets home in 3 months as the exchange rate is getting worse and then I will transfer this back to her once she is home and has a UK bank account set up. Is thus permitted and are their tax implications for me if I am receiving this large amount even only to hold temporarily?

Hi,
Yes this is permitted but you may want to advise your bank as to where the funds are from and what for.
Thank you.