gift tax question

[salavan]

i want to buy my thai kid a house for when she gets older she is now only 12, i know it will have to be done in the mothers name as she is not old enough yet then transfered to my kid when she is 20, just want to know what taxes will be due,i assume it wont be inheritance tax as im still alive.

thanks for any input.

[cyprusdave]

As far as i am aware you can put land and property in thai kids name at any age the transfer tax is around 5%

[Ricardo]

If that's UK Gift Tax you mean, I's assume that it doesn't apply, unless you're still UK-resident right now ?

Are you ?

[cyprusdave]

If that's UK Gift Tax you mean, I's assume that it doesn't apply, unless you're still UK-resident right now ?

Are you ?

I asked my lawyer here in Thailand last week about transferring my house in to my Thai kids names he told me you can do it at any age and the tax to the government is 5% if you haven't owned the property for more than 5 years and yes i am non resident in the UK

[rak sa_ngop]

If that's UK Gift Tax you mean, I's assume that it doesn't apply, unless you're still UK-resident right now ?

Are you ?

You can be UK non-resident but still be considered to be UK domiciled and therefore liable to UK Inheritance tax on all your worldwide assets on death.

There is no gift tax as such in the UK, but if you die within 7 years of making a gift, all or part of the gift will be included in your estate for inheritance tax calculation purposes.

[icare999]

house here or in UK in UK you simply set up a trust very easy here minors can own property our 2 children own and have owned property here and in UK since they were born

[icare999]

As far as i am aware you can put land and property in thai kids name at any age the transfer tax is around 5%

transfer to ones own children here has a special rates of 1% but transfer to wife attracts normal taxes

[icare999]

If that's UK Gift Tax you mean, I's assume that it doesn't apply, unless you're still UK-resident right now ?

Are you ?

I asked my lawyer here in Thailand last week about transferring my house in to my Thai kids names he told me you can do it at any age and the tax to the government is 5% if you haven't owned the property for more than 5 years and yes i am non resident in the UK

well your lawyer is 100% wrong I've done it and as stated theirs a special tax of 1% if transferring to your own children go to land office and ask and forget so called lawyers here. Most are not lawyers since anyone can call themselves a lawyer here and do not need any qualifications to do so and its perfectly legal to do so