Hi, I am a Hong Kong ethnic Chinese but acquired UK citizenship under British Nationality (Hong Kong) Act, 1990 before the UK left HK. I rarely live in the UK other than brief vacations.
My nephew and nice are also UK citizens. They are educated in the UK and now working there.
In order to have their own flats/houses, I intend to give them £110k each for set up as first-time home buyers. The money is a gift with no restrictions. I intend to transfer the money to their UK bank accounts or I send it to their local Hong Kong accounts and they do the transfer to the UK themselves.
However, though the Hong Kong part is easy, I am not sure whether UK tax can be involved or in the future.
Thank you for your advice.
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