About CGT for adding joint tenants in non uk property

Hello, I am UK TAX resident and my father who is non UK tax resident. My father is going to add me in to his property which is located in HK by joint tenants. So, do any Capital gain tax need to be paid in this case? Also is there has any inheritance taxes incurred for this case in future? Pls support to reply to confirm. Thanks a lot Tony

Hi,

Capital gains tax in the UK, only arises on the disposal of the asset.  You would need to consider your capital gains tax liability then.  Your father will need to consider the rules in Hong Kong

for gifting 50% of the property to you.  We cannot advise on this aspect.

Thank you.
 

Hello, Thanks for your advice. So, you mean the capital gain tax for my side only will be incurred if I sell this property in future and I get the gain in the case. Then I have to pay the CGT in UK Only adding me into a deed of property by joint tenancy will not arise any CGT, right? How about stamp duty in UK? Do I need to pay any stamp duty in UK in this case (joint tenancy)? Coul you pls support to reply to confirm. Thanks for your support and advice in advance. Thanks Best regards, Tony

Hi ,
 

Thank you for your question. I am sorry that your questions are not appropriate to this form, which only deals with questions relevant to Income from Property. As my colleague informed you previously, Stamp Duty is not in our remit, and you should contact the Stamp Duty Office on 0300 200 3510. Their email is: atedadditionalinfo.CTIAA@hmrc.gsi.gov.uk. The Stamp Duty Land Tax phone lines are open Monday to Friday from 8 30 am to 5 pm.  You are correct Capital Gains may arise when you sell an asset. Information on Capital Gains can be found on our website Tax when you sell property: Capital Gains Tax: what you pay it on, rates and allowances  . Thank you .