Cash gift from parents

My parents have sold my grandparents house after their death and want to give me £20000. Im self employed and would like to know if there are any tax implications accepting this amount. They have already paid the inheritance tax from the sale of this house. I am not planning on putting it in a savings account as i know any interest gained on it is taxable. Please advise Thanks, Chris

Hi Chris Snowden,
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
Your parent may need to consider Inheritance Tax implications:
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
Thank you.