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  • 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.