Steam has announced changes to gifts. Steam gifting is now a direct exchange from gift buyer to gift receiver, with the Gift to E-Mail and Gift to Inventory options being phased out.

You can now schedule gifts easier by buying a gift months in advance and have it deliver to a friend on time.

Declined gifts will now be refunded directly to the gift giver instead of remaining on the bill and sneaking into the giver's inventory.

Easier and safer cross-country gifting means gifts sent through the new system will always work on the receiver's account. If there are large differences in pricing between countries, gifting won't be available and you will be notified before purchasing.

Note: Pre-existing gifts will not be affected by these changes.