Hi, I'm new to this but need advice. My parents have given me and my brother a substantial cash gift.As I understand it, a parent can gift £3,000 per year to a child free of any IHT liability. Could someone please give this the once over? My parents gifted us 24,000GBP to help us meet the financial requirements for the spouse visa. The letter must explain who is gifting the money, where the donor's funds are coming from and the relationship between the donor and the recipient. A gift letter is an important, formal, legal piece of documentation that can help explain that a (usually rather large) sum of money was gifted to you. Are you a first home buyer using a gifted deposit? Translate your text for free. Over 30 languages available, including English, French, Spanish, German, Italian, Portuguese, Chinese and Hindi.