Gift from India

Hi, I am ILR holder in the UK, and my parents want to make a bank transfer to me £5000 as a gift and support for expenses. Will I have pay any tax on this?

Hi.

There are no Income Tax implications on the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to Income Tax tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.