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Sovereign Published Articles |
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The pros of corporatising real estate Howard Bilton South China Morning Post 23 Jan 2011 Howard Bilton |
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There is much enthusiasm in Hong Kong for investment in property, and for good reason. Companies tango bust, thus vaporising the value of their shares and bonds. Property, however, will always have a value. Most Hong Kong real estate will be worth more in 10 years than it is now, although prices may ride a roller-coaster along the way. ...[More] |
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UK ruling flags change in divorce deals Howard Bilton South China Morning Post 24 October 2010 |
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Would having a prenup have helped the two Hong Kong men who have gone to the highest court over rulings that a parting couple's assets should be split evenly? Previously, not, but a recent ruling in the UK could change that. ...[More] |
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Prenuptial pact lets reality take over when romance fails Howard Bilton South China Morning Post 12 September 2010 |
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Tiger Woods' recent divorce has brought the issue of prenuptial agreements firmly into the spotlight. Rumoured to be worth more than US$2 billion, he is thought to have paid his now former wife "only" US$100 million. And the reason is said to be a solid prenuptial agreement....[More] |
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Tax havens offer financial benefits Howard Bilton South China Morning Post 25 May 2010 |
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The words "tax haven" are sometimes mistakenly associated with siphoning off funds, hiding money from tax authorities or even stashing away ill-gotten wealth. ...[More] |
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Avoid the tax traps when investing in British property Howard Bilton South China Morning Post 9 May 2010 |
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Hong Kong residents have long favoured property in Britain, particularly central London property, as an investment. Most weeks newspapers carry details of yet another new London development "pre-launching" in a nice hotel room in Hong Kong. It seems selling to Hong Kong investors is a tried and tested method for financing new developments in London and there appears to be an endless appetite for such investments. ... [More] |
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British taxman may come for a big slice of your cake Howard Bilton South China Morning Post 28 February 2010 |
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For many British expats, the solids have just hit the air conditioning. A recent tax case has made it clear that if you are a British national living in Hong Kong but have maintained connections with Britain, you are at risk from the British taxman, who will be happy to charge you 50 per cent tax on your world income. So Kung Hei Fat Choi from me but not from him. ...[More] |
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Talk to your employer and cut your tax bill Howard Bilton South China Morning Post 31 Jan 2010 |
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Although tax on salaries in Hong Kong is very low, there are a number of steps which an employee, with the help of a sympathetic employer, can take which will make a significant difference to their tax bill. And, the difference is a substantial reduction in tax. ...[More] |
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When evasion methods are legal but morals debatable Howard Bilton South China Morning Post 20 December 2009 |
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There have been media reports of late on how US prosecutors are trying to determine what role financial professionals in Hong Kong play in evasion of US taxes and how the US government has succeeded in penetrating Swiss banking secrecy. ...[More] |
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Tax cheating vs avoiding – the difference is jail Howard Bilton South China Morning Post 25 Oct 2009 |
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Denis Healey, former British finance minister, once remarked that, "the difference between tax evasion and tax avoidance is the thickness of a prison wall". ...[More] |
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Selecting a haven in which to weather taxing times Howard Bilton South China Morning Post 6 Sept 2009 |
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Many Hong Kong residents choose to move abroad upon retirement or at the end of their work contract. The most popular destinations have been the United States, Canada, Australia and the UIC To varying degrees, all these have been affected by the credit crisis and either have or will raise taxes to levels that many think are confiscatory. ...[More] |
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Halcyon days of hiding money offshore are over Howard Bilton South China Morning Post 23 Aug 2009 |
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Hong Kong has a very lenient system of taxation. The rates are low and tax is charged only on income that has a Hong Kong source. Capital gains are not taxed and there is no inheritance tax or estate duty. Few developed economies offer such leniency. ...[More] |
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Popping the truly big question after they say yes Howard Bilton South China Morning Post 9 Aug 2009 |
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Getting married is, or should be, one of the happiest days of anyone's life. But it is a sad fact of life that many marriages end in divorce. Frequently the divorce process involves an acrimonious split of assets, which leaves neither party happy and lawyers much enriched. ...[More] |
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Tax File Howard Bilton South China Morning Post 14 Jun 2009 |
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I am a Hong Kong resident and a permanent HK ID holder. I am approaching 60 next week and have contacted the administrator of my UK corporate pension to advise me of the transfer value with a view to transferring my pension to Hong Kong. I have now got the figure and I have also found out there are five Hong Kong-based QROPS schemes listed by the UK Inland Revenue's website. I am thinking of buying a property with the pension funds once it is transferred to such a scheme. Please advise who could help me in arranging to have the funds transferred to such a scheme. Masako Watanabe ...[More] |
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Tax File Howard Bilton South China Morning Post 31 May 2009 |
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Governments across the world are increasingly trying to prevent their residents and citizens from evading, avoiding, mitigating or even lessening their taxes. They dress it up as a moral stance but in reality it's an economic one. They need the money. ...[More] |
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Why a guarantee company can be a beautiful solution to a taxing problem Howard Bilton South China Morning Post 17 May 2009 |
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Going through probate is both expensive and time-consuming. For many commentators, including me, just avoiding that drawn-out process is reason enough to place one's assets into a trust or a foundation. ...[More] |
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Living with the OECDs stiff demands on offshore businesses Howard Bilton South China Morning Post 3 May 2009 |
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In my last column I wrote about how the G20 and the Organisation for Economic Co-operation and Development are demanding that offshore financial centres eliminate confidentiality and secrecy- even though they have largely already done this. But how will this work in practice? ...[More] |
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Brown out to fix financial world he played a hand in wrecking Howard Bilton South China Morning Post 12 Apr 2009 |
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The big news from the recent G20 summit is that British Prime Minister Gordon Brown is going to save the world by his decisive action in the face of the financial crisis. He is going to attack the offshore financial centres (OFCs) that caused the whole mess in the first place by depriving Britain and others of badly needed taxes. This, obviously, caused the banks to buy worthless assets. ...[More] |
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Tax File Howard Bilton South China Morning Post 29 March 2009 |
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Please explain how one actually goes about changing domicile. Do you simply write a letter to the UK Tax Department setting out the reasons why you are no longer domiciled in the UK, for example, no property, no bank accounts, not lived there for 20 years, etc? Presumably one has to name the new domicile as well? Keith Humphreys ...[More] |
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Tax File Howard Bilton South China Morning Post 15 March 2009 |
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In my last article I wrote about the need to plan against inheritance taxes. One way of doing this is to transfer assets into trust. Once there, the assets no longer belong to you, they belong to the trustees, so generally would not attract any tax charge on your death because the legal owner does not change. And if you get into financial problems they are better protected, and may still be enjoyed by your family rather than being swept up by your creditors. ...[More] |
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Don’t leave your family in financial dead end when you die Howard Bilton South China Morning Post 8 Feb 2009 |
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Most people prefer not to think about their death, but failing to do so and plan appropriately can be an expensive business. Not for you because you are dead. It is your family that ends up losing out. If you are young, healthy and single stop reading now. If you have a spouse and/or some children, pay attention. ...[More] |
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