Tax avoidance, succession plans and underwater travel – wealth links
Tuesday, April 26, 2011 | Posted by: Fiona Cullinan
Categories:
Personal
| Tags: tax,
links,
tax avoidance,
retirement,
planning,
Dubai,
UK residency,
succession,
UK tax liabilities,
QROPS,
retire,
succession plan
Our regular pick of the web as it relates to high earners and HNWIs.
Next frontier for the rich: Under the sea : After investing in space tourism, Richard Branson is now looking to the watery depths as he is set to unveil a business based on high-speed submarines and solo craft that can take passengers to the ocean floor.
Who spends the most years in retirement? : Charted by country, gender and retirement age. The winners? Austria for women and Luxembourg for men with 26 and 19 years respectively under their belt. The UK languishes mid-table with 20 years for female and 13 years for male retirees. Want early retirement? You’ll need be a Slovakian lady.
10-day stay will NOT make you UK tax resident : New draft guidance from HMRC aims to correct recent misconceptions about expatriates being classed as a UK resident if they work more than 10 days a year in the UK.
New QROPS measure tackles tax avoidance : New laws will clamp down on tax avoidance among UK residents with a Qualifying Recognised Overseas Pension, who might exploit double taxation treaties to escape paying UK tax on their pensions.
Rich kids won’t inherit as much as they think : A US survey suggests that the heirs and heiresses of the future may have to lower their expectations of an automatic inheritance. Not only are wealthy parents thinking again post-financial crisis, but nearly half of those surveyed don’t have a comprehensive plan in place for their estate and don’t tell their children how much they have. The findings also revealed significant numbers also didn’t think their children were mature enough to handle a large inheritance.
Nothing focuses the mind on the issue of succession like a royal wedding : A feature on the monarchy and succession highlights the importance of developing a succession plan for the family business.
Succession planning – read our five-part series : Here’s one we made earlier – a guide to finding your successor and avoiding the pitfalls and potential family rifts.
Image: © Marion Doss
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