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 dividends
There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications.
How Inheritance Tax works: thresholds, rules and allowances
Inheritance Tax: general enquiries
Where a business makes a gift to someone, the gift cannot be allowed as a deductio against profits.
Specific deductions: entertainment: gifts: overview