CGT query - selling land abroad.

frembrit

Hi All,

My father is selling some land abroad, (not sold yet) and he lives in the UK.

I've worked out that he will have to pay CGT on the money he makes from the sale, so I guess he'll have to fill out a tax return.

My query is, if he gives me £10k do I have to pay CGT too? or income tax?

Apologies, but I have no idea on this kind of thing.

Thanks in advance.

fengirl_2

No, only the person who sells the asset pays CGT, it doesnt matter what thhey do with the money afterwards. The money will be a gift on which incme tax will nt be due. Your father's estate may be liable to IHT on the gift if he dies within 7 years.

Cook_County

We do not know where father is domiciled, where you are domiciled or which country the real property is situated. That country may charge tax on gains and/or gifts...

frembrit

Thanks.
Permanently lives in the UK, land is in China (Hong Kong)

Cook_County

So is your father domiciled in Hong King SAR or instead one of the countries of the UK? Does HK charge tax on the transaction?

frembrit

As far as I know, there's no tax to be paid in Hong Kong.