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Hi I am a UK tax resident with dual citizenship (Italian and British). In 2022 my parents (living in Italy) sent me some cash (about £70k) to support me from their Italian bank account to my Italian bank account. In January 2023, I transferred part of the money (about £40k) from my Italian bank account to my UK bank account. In February 2023, I received a letter from HMRC asking me to declare my overseas assets/income/gains since I may have to pay UK tax on. In the certificate of tax position to be completed and returned to HMRC there are 4 options: 1) I need to bring my tax affairs up to date. I will declare all my outstanding UK tax using HMRC's Worldwide Disclosure Facility 2) I believe I have declared all my overseas income and/or gains correctly on my tax return(s) as shown below... 3) I have not declared my overseas income and/or gains as they are covered by personal allowances or reliefs 4) I have not declared my overseas income and/or gains as they are not liable to UK tax. Given the situation that I described, which option is correct? Is it the 4th? Thanks in advance!