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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
Posted Wed, 08 Nov 2023 11:59:29 GMT by HMRC Admin 20
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.

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