According to several sources, nearly 5 million UK tax residents could be ‘non-domiciled’ for UK tax purposes and the wealthy among them could significantly reduce their tax bills.

Many people prefer not to think about what will happen after their death. But failure to make proper plans can leave behind a mess that has to be sorted out by family members at great expense and during a time when they are emotionally vulnerable.

Irrevocability
It is not correct that a trust cannot be revoked. Trusts can be made revocable, but this usually has tax, estate duty, asset protection and stamp duty disadvantages. Revocability should be discussed when the terms of the trust are being considered.

The Hong Kong Trustee Ordinance
www.hklii.org/hk/legis/en/ord/29

The Hong Kong Trustees’ Association website
www.hktrustees.com

Access to proposed changes to the Hong Kong Trustee Ordinance
www.fstb.gov.hk/fsb/topical/index.htm