EU citizen, Settled Status, doubts on tax on bare ownership of property abroad

I am UK resident with Italian citizenship. I acquired the settled status in 2019. My father, an Italian citizen and resident is gifting my sister and I the full bare ownership of one property. My father will be retaining the usufruct, use and housing rights until he is alive. My questions: 1) Do I have to pay any UK inheritance tax on this Italian property? 2) Do I have to declare to HMRC the fraction of the ownership? If so, how? Thank you.

Hi

As your father is not UK resident, he has no Capital Gains tax or Inheritance Tax liabilities in the UK, provided the property is not located in the UK.  
As you will be the owner of a second property, you should confirm in writing which of the two or more properties you own, is the one you consider to be your main residence for Capital Gains tax purposes.  
If you don't do this within 2 years, HMRC will determine your main residence, based on the facts of the case.  
Please have a look at Tax when you sell your home.

Thank you