Tax on Gifted Money (Wire Transfer, 10k)

Hi I currently have a couple of savings accounts with various banks but don’t earn more than 10k in savings annually. I fall within the 1275L bracket. However, my father has recently received his pension and would like to transfer 10k to myself and my sibling in order to contribute to a future house. I’m aware that tax doesn’t have to be declared on less than 10k in savings, but what about a 10k lump sum received once only in the current calendar year? Will I be liable to tax on this, and do I have to declare this or will my building society inform HMRC?

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.