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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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My client is uk docile but resident for tax purposes in hong

Customer Question

my client is uk docile but resident for tax purposes in hong kong and lives there all year
he has a uk will should he also have one for his assets in hong kong in hong kong
Submitted: 10 months ago.
Category: Law
Customer: replied 10 months ago.
my client is uk domiciled but lives in hong kong now permanently with work and is taxed resident therehe has a will in the UK should he also have one in hong kong to protect assets therealso will that will take precedent over the uk will
Expert:  Buachaill replied 10 months ago.

1. Dear Tracy, there is no express need for your client to make a second Hong Kong will if his English will covers all his assets. However, if your client wishes to engage in tax planning for his estate, it is more prudent to have a will dealing with each jurisdiction separately to gain the maximum tax advantage. However, in making a second will, he has to be careful it doesn't revoke the earlier will in the other jurisdiction.

Expert:  Buachaill replied 10 months ago.

2. Accordingly, if your client makes a will in Hong Kong, he has to include a clause that this will only covers the assets which are situated in Hong Kong. It should also state that it doesn't revoke the earlier UK will. In this way, he can make a second will to deal with the Hong Kong assets without it revoking the earlier UK will which is currently in place.

Expert:  Buachaill replied 10 months ago.

3. Ultimately, if your client is tax resident in Hong Kong it is prudent that he makes a will for Hong Kong which deals with his assets in that jurisdiction. In that way he can engage in tax planning for his estate in hong Kong.

Expert:  Buachaill replied 10 months ago.

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Customer: replied 10 months ago.
Thank you very much for your kind and speedy response
i am aware that my clients assets globally will be taxed by HMRC as he is still domiciled ukwould it be in his interest to change this status his main concern is IHT
i am a chartered financial in the UK but do not understand hong law or its tax system on death for a non dom in hong kong

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