Do I need to report flat gift to the HMRC?

My parents are giving me their flat. The flat is their second home. The current market value of the flat is just under £1m, which is lower than their original purchase price. I will be the only person living in it. Do I need to report any information to the HMRC when our solicitors complete the transfer from my parents to me with the Land Registry? If I do, what information and how do I report it to the HMRC?

Hi,
As you will be living in it, no, you do not need to report anything.
Your parents will though, in order to notify us of the capital loss.
Thank you.