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I am tax resident in the UK. My parents (who live and are tax resident in Italy) would like to help me paying my mortgage in the UK by giving me a long term interest-free loan of £100,000. Can you please help me with the following questions:
1. Is it allowed by UK tax law for parents from abroad to give an interst-free loan to their children?
2.Is there a maximum amount that my parent can lend me like this?
3. Do I need to declare this money to HMRC?
4. Do I have to pay tax on an interest-free loan in the UK?
Many thanks for your advice.