Charles Monat Associates: February 2008






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	Friday, February 15, 2008 Singapore Abolishes Estate Duty Part II The full text of Minister for Finance and Education Tharman Shanmugaratnam's budget speech can be found on www.singaporebudget.gov.sg. We quote from the paragraph announcing the removal of Estate Duty: 4.76 I have therefore decided to remove Estate Duty from our tax regime, with effect from today. It is not just a practical or expedient measure, but one that on balance will be in our collective interest. If we make Singapore an attractive place for wealth to be invested and built up, whether by Singaporeans or foreigners who bring their assets here, it will benefit our whole economy and society, not just the individuals who build up their wealth. It is not a zero sum game. Read the Estate Duty part of Minister Shanmugaratnam's speech posted by Charles Monat Associates at 5:23 PM \| 0 comments Singapore Abolishes Estate Duty SINGAPORE, Feb 15 (Reuters) - Singapore said on Friday it will keep income tax unchanged, a surprise move that leaves the top personal rate at 20 percent, and said the small city-state could not insulate itself from global inflation. "We will not be making any further move on personal income tax this year," Finance Minister Tharman Shanmugaratnam told parliament in the presentation of his budget for the fiscal year beginning in April 2008. Read more... posted by Charles Monat Associates at 5:19 PM \| 0 comments Friday, February 01, 2008 UK Non-residents and non-domiciliaries – the draft new rules The new rules for taxing UK resident non-domiciled individuals and for calculating periods of UK residence have finally been released (in draft) more than three months after their announcement in the Pre-Budget Report. The proposed provisions are even broader and more draconian than was anticipated and, to the extent that planning to mitigate their effects is possible, there is little more than two months available to do so. In context, however, there continue to be significant benefits for UK resident non-domiciliaries for inheritance tax purposes, and in respect of untaxed remittances to the UK. The linked PDF outlines some of the more salient points and is used with the premission of Lawrence Graham LLP. LG%20Tax%20%26%20Private%20Capital%20notes%20-%20January%202008.pdf posted by Charles Monat Associates at 4:05 PM \| 0 comments
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