Tax on money gift from family overseas (EU country)

Hello. My parents sent me from their EU bank account into my UK bank account 22000 GBP. I am a UK resident with pre-settled status. I am keeping this money on my current account. Do I need to declare them to HMRC and pay tax on them? Can I transfer them to my savings account without any implications? Many thanks!

Hi,
 

Cash gifts from overseas, in pounds sterling are not liable to UK income tax.  If the gift generates interest or dividends, then they should be declared, as there could be tax to pay on them .

Thank you.

Hello, thank you for your reply. The gift is at the moment in a savings account and therefore I am earning some interest from it. Does that mean that it needs to be declared? If yes, could you please let me know what is the process to declare it? Many thanks.

Hi ,
 

Yes the interest would need to be declared. UK banks notify HMRC of the annual interest received after the end of the tax year. If your interest is less than £10,000 you do not need to do anything  . Thank you .