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INHERITANCE
3. CALCULATION OF INHERITANCE TAX
The Revenue (Abolition of Estate Duty) Ordinance 2005 ["the Ordinance"] comes into effect on 11 February 2006. No estate duty affidavits and accounts need to be filed and no estate duty clearance papers are needed for the application for a grant of representation in respect of deaths occurring on or after that date. The estate duty chargeable in respect of estates of persons dying on or after 15 July 2005 and before 11 February 2006 ("transitional estates") with the principal value exceeding $7.5 million will be reduced to a nominal amount of $100.
Here is a Table of Rates in Hong Kong:
Persons Dying |
Where the Principal Value of the Estate |
Estate Duty Rate or Amount |
Maximum value beyond which "marginal" relief does not apply |
on or after |
before |
Exceeds |
Does not exceed |
1 April 1996 |
1 April 1997 |
- |
$6,500,000 |
Exempt |
- |
$6,500,000 |
$8,000,000 |
6% |
$6,914,800 |
$8,000,000 |
$9,500,000 |
12% |
$8,545,400 |
$9,500,000 |
- |
18% |
$10,195,100 |
1 April 1997 |
1 April 1998 |
- |
$7,000,000 |
Exempt |
- |
$7,000,000 |
$8,500,000 |
6% |
$7,446,808 |
$8,500,000 |
$10,000,000 |
12% |
$9,079,545 |
$10,000,000 |
- |
18% |
$10,731,707 |
1 April 1998 |
15 July 2005 |
- |
$7,500,000 |
Exempt |
- |
$7,500,000 |
$9,000,000 |
5% |
$7,894,736 |
$9,000,000 |
$10,500,000 |
10% |
$9,500,000 |
$10,500,000 |
- |
15% |
$11,117,647 |
15 July 2005 |
11 Feb 2006 |
$7,500,000 |
- |
$100 |
- |
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Hong Kong Main Office: 16/F, Emperor Commercial Centre, 39 Des Voeux Road Central, Central, Hong Kong
Tel: (852) 2523 8983 Fax: (852) 2121 1449
China Representative Office: Suite 1316, R & F Profit Plaza, 76 Huangpu Road West, Pearl River New City,
Guangzhou, China Post Code 510623
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