Cash Transfer from parents residing outside UK

Hi, My parents residing in India will be transferring some cash to my UK bank account as gift. I’ll use this to pay my mortgage overpayment . Do I need to pay tax for the amount transferred by my parents ?

Hi,

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.