Thank you for your question.
You will not be liable to pay any tax on the gift being sent to you by your father.
Recipient of teh gift receives the gift free of taxation as there is no direc tax on gifts.
You don't have to report it on your tax return.
You should make your bank aware of this impending large sum coming into your account to comply with Money Laundering Regulations.
I hope this is helpful and answers your question.
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Thank you for your reply.
The annual exemption applies to the person giving the gift and not the person in receipt of the gift.
Inheritance tax rules apply to the person making the gifts and not to the individuals who receive the money. The seven year rule would apply to your father if he was a UK National..
Yes, there is a double taxation treaty between the UK and Italy. If you were to suffer any tax in Italy on your income and gains, you would be able to claim foreign tax credit relief against it.
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