Income tax on the Gifts

hello, I wanted to understand how the gifts are taxed. I helped a friend save good amount of money overseas by giving the advice on the technology side and now he wants to return the favour and send some money as a gift. I am not sure how it will be taxed and where do I have to declare it. Any advice would be much appreciated. Best

Hi,
We can confirm that 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.
Thank you.
 

Thank you for the clarification. Have one more question please. Is there any Limit on the amount of the gift and does it have to from Blood relative. Best Regards

Hi,
Not for Income Tax but there is for Inheritance Tax, you can see gukdance here:
How Inheritance Tax works: thresholds, rules and allowances
Thank you.