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Thanks Tony. this is helpful. Three last points:
1) If my wife then transfers this gift money from her account in UK to my account in UK then how will this money be treated from tax perspective? Will i need to disclose this in my yearly tax assessment if yes then as what?
2) Will my wife have to disclose this gift money to HMRC. Right now she does not file any tax as she is not working and does not have any income other than some nominal interest on bank deposit