I am a non-domiciled person in the UK and file my income tax returns of my worldwide income on the arising basis. I have a bank account outside of the UK with an investment bond and would like to give this bond as a gift to my son. He lives with me in the UK. It would be a gift/transfer from my foreign bank account to his foreign bank account (same bank). This bond has nothing to do with the UK.
I think this gift transfer is UK-tax free because I have been resident for only 14 years and thus am still considered non-domiciled (I know after 15 years I would be deemed domiciled).
However, is this gift transfer subject to capital gains tax (or any other tax) even though I am under the 15-year time period?
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