Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.
NO -- it does not work that way. In your case, when a friend gifts you any amount of money, it would be a "Potentially Tax Free" transfer for him IF HE SURVIVES 7 years or more after making such gifts and he will NOT be subject to any inheritance tax.
Now coming to you in specific such gift (cash or cash equivalents) are not your income and you will have not tax liability on this. HM Revenue & Customs does not treat a gift of cash as income so you won't be charged income tax on the £50,000. You will pay any tax ONLY WHEN and IF you derive any income from this.
I am sure this would help.
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