Discover the benefits of changes to UK taxation for succession in Asia

Hawksford’s Client Manager David Rimmer comments on the growing interest in China for succession planning in the latest edition of Citywealth.

In the April 2016 edition of the Citywealth e-magazine, Hawksford’s Client Manager David Rimmer shared comments in the article “First-generation Chinesewealthy turn their attentions to succession”.

“Being a permanent Hong Kong resident allows the UHNW individual time to restructure their affairs should they ever wish to return to the UK after five years of absence, or decide to relocate elsewhere” – David Rimmer, Client Manager, Hawksford

Other contributors in the article includes:

  • Timothy Burns, Partner, Withers
  • Paul Christopher, Managing Partner, Mourant Ozannes HK
  • Katie Graves, Partner, Withers
  • Melanie Ison, Managing Director, Nerine
  • Richard Grasby, Partner, Maples and Calder
  • Philip Marcovici, retired

*Current legislation states that a UK resident, non-domiciliary leaving the UK after becoming deemed domiciled in the UK for Inheritance tax (IHT) purposes, must leave the UK for at least five years before returning to reclaim non-domicile status. It is proposed that legislation will change this period from five years of continuous absence to six years from April 2017.

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