Do I have to pay tax on gift money?

[Patriciak]

Hi all,

I was wondering whether I have to pay tax if my dad gives me money?

My dad is Spanish and my mum is British and they live in Spain. They want to give send me a bank transfer of several thousands of pounds so that I can use it for a deposit in a couple of years if I want.

Would I have to pay tax on this?

Thanks,
Patricia

No not just now as it's a gift. However depending on how soon they were to die and whether they have a large enough estate then you may have to pay some inheritance tax on what you have received. The longer the time between the date of the gift and when they die the less you would have to pay. If it's long enough it won't be included in the estate at all.