Thank you for your helpful and prompt response.
I am considering spending some on my house (repairs and maintenance) and perhaps a newer car, and invest the remainder in ISAs (instant and share) and possibly some bonds. I assume the ISAs part will be tax free but, any other income received from investments will need to be reported to HMRC for tax purposes?
Do I need to inform HMRC when I receive the gift?
I do not receive any benefits but, I do get a reduction on my council tax due to single occupancy - would this lump sum affect this discount?
Have done your rating