ipmuimui

My parents bought me a new house last year but it is not near London (i.e. the location of my new job). My parents have their own property in London and agree to swap it with me for living arrangement (i.e. I will live in their property in London while they will move to the house they gifted to me, but the ownership of these two properties remain unchanged). Is there any taxation implication? Does it amount to gift with reservation?