Hi everyone,
Looking for some tax advice. I am uk domicile and work and pay tax here. I also have family in Hong Kong. My grandfather, when he was alive, built a portfolio of property in HK which the family company receives a decent annual rental income. Tax etc is paid by the company.
My queries are as follows:
1. My uncles are wanting to split the net cash received amongst the family on a monthly basis, so I'm wondering if that would be taxable?
2. If it is seen as a monthly gift, does that make this money exempt?
3. Lastly, I need to do self assessment tax return, do I need to declare this gift/income? And what back up do I need to go down the gift route?
Thanks for your help in advance.
Tango
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