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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4200
Experience:  FCCA FCMA CGMA ACIS
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Hi, my parents (live in EU, not UK citizens) have shared their

Customer Question

Hi, my parents (live in EU, not UK citizens) have shared their company with me this tax year to help with inheritance in the future. We have not received any profit from the company and I personally have never received any money. What do I need to put in my self-assessment then?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Gifts are outside the scope of UK taxation so, as you have received any income of from the company, nor capital gains on its shares, there is nothing to declare to HMRC. You will in the longer term be deemed to have received the shares at current market value. Should you receive any income from these shares at some future date that income would be subject to Income Tax. Any future gain made on disposal would come under the Capital Gains Tax regime.
This answer takes no account of any gift taxes imposed upon you or your parents by any other EU jurisdiction. France, for example, has some pretty horrendous gift taxes.
I do hope I have helped you with your question. Very brief I accept, but there simply isn't anything else to say!
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your excellent support.