Hello experts,
I have looked at the forum and see some topics on this but I understand the rules are different for UK residency and citizenship so sorry for asking it again, appreciate your help.
I live in the UK and am UK citizen. My father (who is Indian citizen) wants to send money (through foreign exchange using bank) to me. I am worried about any tax implications on me due to this. Is there any limit on the gift I can receive (currently he is planning to gift me around £20,000). Is there any limit in a specific financial year? Do I need to declare it somewhere (I am not self employed) so my employer sends all details to HMRC for tax purpose.
I am full time employee in the UK and pay income tax here. Thanks.
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