My father who is in Pakistan (not a UK citizen/ resident) wants to gift me some real estate property. I understand that as a gift it will not be taxed, but if there are any capital gains that I realize on this later will be taxed. Is this understanding correct? Also couple of questions in this context. 1) Do I need to report this gift to HMRC 2) Is there a limit of value for this gift beyond which this will become taxable for me? 3) If I am a non-domiciled individual in UK, how does it change the above?
Thanks a lot for your guidance on this.