Reform UK has issued this statement about the news that Nigel Farage is being investigated by the parliamentary commissioner for standards. A party spokesperson said:
Mr Farage’s office is in communications with the parliamentary commissioner for standards.
He has always been clear that this was a personal, unconditional gift and no rules were broken.
We look forward to this being put to bed once and for all.
This seems like an explanation of why he doesn't have to pay tax on it- foreign gifts aren't taxable. As an explanation of why he didn't declare it, it's probably not going to fly. Hopefully a long suspension and a recall petition to follow. He's almost certainly win any by-election, but would be worth going through the process.