Receiving money as gift from abroad to the UK bank account

Hi, I am a UK resident and expect to receive money in my UK bank account from my parents. This is a gift from my parents to help me purchase my first house in the UK. - Do I need to pay tax on this once received? - Is a gift deed/letter needed? - Is there a maximum limit on the amount that can be received via bank transfer to the UK account in a year? Thanks!

Hi
Gifts of money from relatives overseas are not liable to income tax, but any interest or dividends generated when the funds are deposited in a UK bank account may be taxable.                     
Tax on savings and investments: detailed informationn

Thank you for the reply and for providing the weblink, I appreciate this. Could you also confirm do I need to provide an evidence that the money received to the UK bank account is a gift? If so, what document would be required? Thank you.

Hi aeiou83

You woudl do so for HMRC purposes but you may want to check with your bank if it is required.

Thanks

I am a Cyprus citizen, I would like to gift large amount of money to some of my relatives who live in the UK through a bank transfer, do they have to pay any tax to HMRC

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.