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Posted Mon, 18 Jul 2022 14:40:53 GMT by dy4nda
Hello, I am currently a resident in the UK - but my parents from abroad would like to gift some money to me (potentially a substantial amount) from their savings (earned from my dad's income throughout the years). My parents are not UK residents and they aren't domiciled here. I would like to ask if I'm eligible for any tax on this?
Posted Tue, 19 Jul 2022 14:01:23 GMT by HMRC Admin 17

Hi,
 
There are no income tax implications on the receipt of a cash gift unless the income 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    .

Thank you.

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