Not logged on for a very long time so i may have put this in the wrong section, anyways -
My mum and dad want to give me a large amount of money which they have been 'saving under the mattress' approx £20000. They have been withdrawing it out of the bank as they have been getting paid throughout the working lives so all taxes have been paid.
I don't want to keep it in the house and want to put bank.
Just wanted to know if i went into the bank to deposit the cash would they accept it? Would i be expected to pay further taxes on it?
Also I'm not expecting to use it anytime soon (5/10 years) so would i be better to invest or save?
Any help would be appreciated. Thanks