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Non-resident father gives shares to resident son

Is there an tax liability on son.

Didn't find your answer?

 And what value does son use as bas cost - Nil as it's a gift, or the current market value.

 

 

Replies (6)

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By Accountant A
11th Nov 2019 11:30

Another rude freeloader.

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By Rebecca Cave
14th Nov 2019 13:36

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.

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Replying to Rebecca Cave:
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By The Dullard
14th Nov 2019 13:39

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?

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Replying to The Dullard:
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By Tax Dragon
14th Nov 2019 14:03

When this question was posted I thought of a few what-ifs.

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Replying to Tax Dragon:
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By The Dullard
14th Nov 2019 14:48

And the big why.

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By Matrix
14th Nov 2019 14:22

A lurker for 11 and a half years. This board must be fascinating.

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