My parents would like to make a real-estate gift to my brother (student in the UK under Tier-4 Visa) and myself (settled status).
Both my parents are Belgian nationals (but residing in Malaysia) and the property is located in Belgium.
In Belgium this will be subject to some gift tax.
We will not be receiving any income from the property through rent, nor will we be selling the property.
Do my brother and I need to pay tax on this gift in the UK and/or do we need to declare this in our annual tax filing ?