Posted by
Hecules
15 yrs ago
"Hundreds of wealthy UK taxpayers have been sent letters by HM Revenue & Customs over possible large-scale tax evasion, the BBC has learned. It is understood HMRC has acquired a list of high net-worth individuals with accounts at the Swiss division of HSBC."
I am a Chinese but a British tax-paying citizen. Can Hong Kong banks be trusted not to divulge the details of what is in my accounts? I have opened joint accounts with my children, who were born in Hong Kong, so that when I die the money in those accounts cannot be pursued for inheritence tax. Does the UK Inland Revenue have the means to obtain such information?
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Oski
15 yrs ago
Hong Kong has no banking secrecy law. If the UK authorities go through proper channels to request information, it will be provided.
What you are looking for is not banking secrecy. (which is available in Singapore btw.) What you need is to set up living trust. You need to contact a lawyer familiar with UK inheritance tax laws to set one up.
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Tax planning should not rely on secrecy and also the UK and HK recently entered into a double taxation agreement which includes exchange of information.
Please PM me if you'd like to discuss your options.
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Many thanks for the above advice. The alternative would be, I guess, to set up a joint bank account with each of my children and load it with cash before I die? It needn't appear in any Will and there would be no recordof it as such.
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