Family

My family from overseas are willing to provide me with financial support in cash, approximately £1000 per month (not as a loan, will continuously for few years). 1. Do I need to pay taxes on this money? 2. Do I need to prepare any documents to prove the source of the funds to the bank? 3. My family plans to transfer the money to my overseas account first, and then I'll transfer it to my UK account. Are there any tax concerns with this arrangement? Please note that I'm providing the information to the best of my knowledge, but it's always advisable to consult a tax professional or financial advisor for accurate and up-to-date advice.

Hi LL,

1-  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 and Tax on dividends).  
2-  No.  Bank transfers from non UK banks to UK banks do not need any type of paperwork from HMRC perspective.
3-  No.  There are no tax implications for sending savings to the UK, provided those savings are derived from income or gains arising in the tax year they are sent to the UK. 

Thank you.