Is there tax on a gift from overseas?

I am a UK citizen with dual Canadian Citizenship, domiciled in UK since 2002. My parents wish to gift me 50,000 Canadian dollars (approx £ 32 K). I do not own any property overseas or have any foreign income at all. The money is to be a gift. Do I have to pay tax on this gift or declare it specifically on my annual assessment? Thank you.

Hi Christopher Byrne,

There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends.
These would then potentially be subject to tax.  
Further guidance can be found here:
Tax on savings interest
and
 Tax on dividends

Thank you.