Tag: Succession Planning

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Spring Budget 2024: Simplifying the UK’s Tax Reforms for Non-Domiciled Residents

The UK government is committed to creating a tax system that not only draws in global talent and investment but also spurs economic expansion. At the heart of its philosophy lies the conviction that individuals with more substantial financial means ought to bear a larger share of the tax burden.  Outdated Domicile Concept and Tax…
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Understanding the Role of the Family Trustee

In the labyrinth of the high-net-worth family universe, the trustee stands as a cryptic figure, a guardian of the family’s legacy. They are tasked with wielding significant power and responsibility over the wealth and welfare of those within the trust. But what does this role entail, and why is it of such crucial importance to…
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How much does Inheritance Tax Planning cost?

Inheritance tax (IHT) planning is essential for anyone with assets in the UK, especially if you’re a property investor or an expat with UK ties. Preparing for IHT can help you manage your financial legacy and ensure your beneficiaries receive their due without an excessively taxing bill from HMRC.  Inheritance Tax Basics   Understanding inheritance tax…
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Soteria Trusts wins Hong Kong Business High Flyers Awards for the 10th year!

On January 30, 2024, a prestigious recognition program for innovative enterprises, the HKB High Flyers Awards, announced its winners at a ceremony held at the Hyatt Regency in Hong Kong. Among the most innovative enterprises recognized was Soteria Trusts, a brand of the Business Class Group, which has been nominated and has now won awards…
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Five ‘Tools’ to Slash IHT Bill with Soteria Trusts

Inheritance tax is a subject that often gets ignored until it is too late. An increasing number of families are finding themselves faced with hefty inheritance tax bills, which can be a source of unnecessary stress which not only delay but also significantly reduce the transfer of intergenerational wealth. In fact, recent reports suggest that…
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Pros and Cons of QNUPS 

If you are a high-net-worth individual looking for efficient tax planning, a Qualifying Non-UK Pension Scheme (QNUPS) is definitely an option worth exploring. QNUPS are relatively new in the pensions market and offer some benefits over other pension solutions. However, they may not be suitable for everyone and it is important to weigh the pros and…
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Estate Planning: Why You Should Begin Now

If you’re wondering when the right time to start estate planning is, the answer is simple: it’s now. Our comprehensive guide will explain the importance of estate planning and why you should begin sooner rather than later.   Have you thought about what will happen to your assets and belongings after you’re gone? While it may…
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Year-End Estate Plan Review for HK Expats 

The end of the year presents an excellent opportunity to look back at those significant life events in the past 12 months and assess their impact on your estate plan. This is also an ideal time to ensure your plan remains current and aligned with your primary goals.   When and why revisions might be needed …
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What is Business Relief and how does it apply to IHT? 

Do you want to support grassroots businesses in the UK? Did you know that you can also benefit from certain tax reliefs by doing so? One such relief is Business Relief (BR), an often overlooked but valuable tool for any business owner or investor looking to reduce their inheritance tax bill.  What is Business Relief? …
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The Taxman Cometh: UK Government Collects £2.6bn in Inheritance Tax  

Today, we consider a topic that is uncomfortable for some and even taboo for others. It’s a topic that we see and hear about every day of our lives and an event that happens to everyone at some point.   Some modern-day philosophers say only three things are ‘guaranteed’ in this life: death, divorce and…
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