I'm EU national, I've been living in UK for the past 10 years, I'm a permanent resident here, working full time. My parents live abroad, they've never lived in UK and they will never move here. They're planning to send me a large amount of money as a birthday present and I've got some questions:
- Do I need to pay any tax on it?
- Do I need to declare it to HMRC or the bank?
- Can I put it in savings account, or will I have to pay tax on the interest I earn because it's "income"? If so, how would I go about that, would I have to declare it somewhere?
Your help and advice would be much appreciated, thank you in advance.