UK citizen gifting property to US citizen & US green card holder

Hello, My parents are UK citizens and want to gift their condo in Florida, USA to my wife and I who live in California and pay US taxes. My wife is a US citizen and I am a green card holder. My parents are wondering what the tax implications will be for them in the UK ? They are aged 68 and 78 and retired with pension income. Thanks

Hi,
 

I would advise them to contact the Inheritance helpline on 0300 123 1072 for further advice. You may also need to contact the IRS in the US for advice on inheriting this US property  . Thank you.