Cash gift from non-UK-resident British parents from their UK-based bank account

Hi. I am a British citizen and I live and work here in the UK. My parents are British, but have lived and been employed in Belgium for more than 30 years. They have both British and Belgian citizenships. If they wanted to gift to me £50,000 from their UK-based bank account, would there be any tax implications for me, and would I have to declare it in any way? And would this gift be subject to the '7 year rule' in terms of inheritance tax?

Hi Emma H,
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. 

Thank you for the clarification regarding income tax. However, the response does not include any information surrounding inheritance tax. Will there be any implications on this front? Please refer to the residence situation of all parties, and that the money is to be transferred from a UK-based bank account, when considering the response. Thank you.

Hi,

Inheritance tax would only be of relevance if the giftee was resident in the UK at their time of death and the gift was made within 7 years of their death.  
The gift would then be considered part of their estate for inheritance tax purposes.  
If your parents are non resident, but have UK assets, such as property, then inheritance tax may apply on those assets if the thresholds are exceed.  
There are no tax implication for you to receive the gift.  Further guidance can be found at How Inheritance Tax works: thresholds, rules and allowances.

Thank you.