And what value does son use as bas cost - Nil as it's a gift, or the current market value.
Another rude freeloader.
The father who makes the gift may be subject to capital gains tax in the country where he is resident. Its possible that the son could have a tax liability in that country as well if the shares are subject to a gift tax, local advice should be sought.
If the son is resident in the UK, he will not pay any UK tax on the shares until he sells them, or gives them away. The base cost of the shares will be the market value at the date of the gift.
What if the company is a property investment company, investing in UK property and the value of the shares has increased between 5 April 2019 and the date of the gift?
When this question was posted I thought of a few what-ifs.
And the big why.
A lurker for 11 and a half years. This board must be fascinating.