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Receiving money from parents abroad

Posted Fri, 03 Nov 2023 00:33:58 GMT by
My parents are in the Isle of Man and want to send me £50,000 to help me in buying a property. Will I have to pay tax on this money in the UK? Is there a maximum they can transfer to me?
HMRC Admin 20 Response
Posted Wed, 08 Nov 2023 11:59:29 GMT by HMRC Admin 20 Response
Hi ccsalway Salway,
No.  There is no tax liability on cash gifts.  
Any interest or dividends you receive from the cash gift will be subject to tax and should be declared.
Thank you.
Answer
MagsU
Posted Wed, 09 Oct 2024 20:32:56 GMT by MagsU
I live and work in UK and have a settled status. My parents from Poland would like to send me a cash gift (around 100,000£). Would I need to declare it anywhere and pay tax on it please?

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