Post Event Updates
High Value Residential Property - New Strategies for the New Environment (8 January 2013, Room 801, NTUC Business Centre)
STEP Members were very fortunate to have the opportunity to hear Macfarlanes LLP Partner and Head of Private Client, Jonathan Conder, take us through the new UK laws relating to high value residential properties.
The new laws relate to residential properties valued in excess of GDP2 million, and therefore the law changes will impact many offshore owners of properties in central London in particular, and certainly where those properties are held in "structures".
The law changes impact on (and in some case create) numerous acronyms - some would suggest even more than you would normally encounter when seeking highway directions in Singapore: SDLT (Stamp Duty Land Tax), CGT (Capital Gains Tax), IHT (Inheritance tax), ARPT (Annual Residential Property Tax), RND (Resident Non Domiciled) NRND (Non-Resident Non Domiciled) and DD (Deemed Domicile) to mention but a few.
Jonathan however managed to guide everyone safely through the spaghetti junction of the provisions so that there was an understanding of the issues and situations where further advice should be sought.
The final versions of the new rules had only recently been published, so everyone attending was extremely grateful for Jonathan's detailed and up to the minute overview.
Indeed, many attendees had specific questions that Jonathan stayed back to address upon the conclusion of the seminar.
Contributed by James Aitken - HSBC Trustee (Singapore) Ltd
Global Indians: Multi-Jurisdictional Wealth Related Issues (29 November 2012, M Hotel)
On Thursday 29th November, Cyril Shroff, Managing Partner at Amarchand & Mangaldas & Suresh A. Shroff & Co., one of India's leading law firms, presented to over 70 members of the Singapore branch of STEP together with a good number of external attendees.
In the space of an hour Cyril gave the audience an excellent oversight of issues facing Indian clients in the current climate. He started by laying the scene with the issues facing Indian promoters and their families and in particular highlighted the balance of issues related to both their corporate and family requirements. The substantial wealth that has been created in India and externally by both Resident and Non-Resident Indians and Persons of Indian Origin are creating major challenges that the families are now beginning to address (and even pay for advice on).
After looking at the economic backdrop and trends, Cyril highlighted the different factors affecting different segments of the Global Indian footprint. He addressed the all important exchange control environment and looked at this in the context of both Overseas Direct Investment and the Liberalised Remittance Scheme. He addressed the need for both domestic and international planning, and in particular the growing use of trusts.
Interestingly he raised the specter of Inheritance Tax as a matter that is under review and which would clearly create a dramatic escalation in the trust and estate planning industry in India if eventually enacted.
There were a number of questions from a normally quiet audience which seemed to substantiate the expressed view that it was a very good over view of Indian matters and much appreciated by the audience.
Contributed by Mark Smallwood - Deutsche Bank AG, Filiale Singapur