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Chinese move closer to needing family tax advice

The annual Chinese Communist party conference in November is thought to be considering the introduction of an inheritance tax (IHT).

The Chinese Communist Party may introduce a new inheritance tax in November Patrick Wang

If such a tax is introduced it will suddenly create a need across the People's Republic for tax planning. The Chinese are famous for their saving, and the position of many families will be heavily affected by the fact that most have only one child. The IHT threshold featuring in the 'latest revised version of the proposal' is 800,000 yuan (about £88,000), according to the South China Morning Post.
 
Waves of migration
 
One commentator, He Jiangbing, is reported as saying that he is concerned 'that hastily introducing the law might trigger waves of migration to overseas and push the middle-aged rich to accelerate the transfer of assets to their children'.
 
 

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