Gift of €- tax implications?

[hotcookie]

My parents are kindly going to gift us a pretty large sum of €. We are in UK.
Will I need to pay any tax on it? They hopefully won't be dying anytime soon

Also-what would be the most efficient/lowest cost way for them to send it? A € cheque, or a bank transfer to one of my current accounts (have Halifax, TSB & first direct if any one of them would be better. Or would it be better for them to transfer it to their sterling account and then bank transfer it?

I think you’re allowed to gift £3k a use tax free. Over that, tax implications

Latter question depends on exchange rate.

I’m afraid you’re just going to have to do a bit of research!

Thank you.

Is that £3k tax free for inheritance tax? I understand that if they (god forbid) died in the next 7 years I would have to pay inheritance tax on such a large sum, but will I have to pay (income) tax on it when I receive it no matter what?

They can give you whatever they like.
No income tax on gifts received
No tax implications at all unless they die within 7 years

Lifted from standard life website

You can gift £250 to as many people as you want every year. You also have a £3,000 annual exemption. However, you can’t give both the £250 and £3,000 to the same person.

And if you didn’t use your exemption in the previous year, you can carry it forward, giving you £6,000 which is exempt from IHT.

Make potentially exempt transfers… but be aware of the 7-year rule
If you want to gift larger sums, these won’t be counted for Inheritance Tax purposes – as long as you survive for seven years afterwards.

If you don’t survive the full seven years, the money you’ve given as gifts would use some of your nil rate band (£325,000) available to offset against your estate.

However, gifts made from your surplus income could be immediately exempt from IHT if they are part of a regular pattern of gift giving and don’t reduce your normal standard of living.

Any gifts made without using these exemptions are inside your estate and could be subject to 40% IHT.

Thank you Ta1kinPeace that's the straightforward answer I was looking for

As an example, all of the money that was donated to Charlie Gard's parents through their websites - all £1.5m - is tax free as it was gifts ......

Another example : Bernie Ecclestone buys his daughter a £15m house. She pays no tax on that gift.

Another example : the late Duke of Westminster gave his daughter a £6m farm as a wedding present. No tax due.

Thank you wishing and waiting

I am aware of IHT liability if they die, but I obviously am very much hoping that they don't, so was more concerned about any other type of tax I might need to pay. I'm sorry I didn't make that more clear in my OP

Are your parents in uk?

No, they live in Ireland

Not relevant though.
UK tax is based on the recipient

But maybe in Ireland for giver, they should check especially if a significant sum.

My parents used AFEX when they did similar. They had a better exchange rate than everywhere else at the time (2011). I checked with my accountant at the time and no tax was due (6 digit figure to help buy a house).

LIZS
There are no currency controls between ROI and the UK (EU rules)

giving money away has no tax implications other than for people about to go into state funded care
receiving money has no tax implications