questions on monetary gifts

Hi, I have a question about monetary gifts : what if, over the years, our parents, who are based outside of the UK (in the EU), made some financial gifts to us (I live in the UK and I'm resident here for tax purposes). Some pretty important gifts, actually... of the equivalent of nearly 20,000 pounds that were received on bank accounts abroad (but we could have access to the money from the UK)... Is it something we need to declare to HMRC? Is it something we are taxed on? ... and if we were supposed to declare the money and we didn't...then of how much would be the penanlty? Sorry for that question, many thanks !

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.