Transferring money from EU to the UK

Dear HMRC Community Forums,  Over a year ago my parents in the EU gave me a loan to help me with the renovation of my home in the UK. The loan was paid into my current account in my country of origin which generates no interest. Because of various circumstances we will not be able to proceed with the actual building work until August 2024 and therefore I will not need the funds till then. Looking at the interest rates currently offered by the UK bank where I keep my savings in the UK, I am considering transferring those funds - approx £90k - from my European current account to the UK and invest them for 1 year in the UK before using them for the renovation work as originally planned. Can I please kindly ask if I need to declare and pay tax on the transfer of these funds? Just to be specific, these funds/capital are not earning interest in the EU at present. I am also aware that I will have to pay UK tax on the interest earned in the UK if I invest it: my question is about whether there is any tax liable on the capital transferred to the UK. Very many thanks for your help

Hi Pippi123,
The origanal payment would be seen as a gift from your parents.
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.