Cash gift from parents outside UK

I'm currently living in London on a Biometric Residence Permit (BRP), and this is my second year as a resident. I’ll soon be applying for Indefinite Leave to Remain (ILR). My parents, who reside in India, wish to gift me funds for purchasing a property here. Is there a limit on the amount they can gift, and would it be taxable in the UK?

If a gift is sent from parents living in a uk offshore to children in the uk and the parents unfortunately die, is the gift subject to the uk 7 year rule even though the parents death would be not subject to uk inheritance tax?

Hi Shivangi Ladha,
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
There is no limit on the amount that can be gifted.
Thank you.  
 

Hi Hughri,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.