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  • Tax implication of house gifted to me

    My parents, who have a house in Sri Lanka and spend 10 months of the year in the UK, but have no assets in the UK, would like to gift that house to me. What would be my tax implication given I don't wish to sell it, and will simply rent it ? I believe this simply a matter of declaring tax on foreign income in my Self Assessment, but I'm not sure - is that correct? Will inheritance tax rules apply at all ?