Speculation has been rife, over the past two months, that estate duty or inheritance tax would be reintroduced. This rumour isn’t new. In fact, such talk has recurred over the years.
Jazz has always struck a chord with me. Men and women dressed to the nines in their elegant frocks and black ties, all for the occasion and what an occasion it was! The Big Band Jazz concert exhibited the best of jazz from a bygone era of art deco and sophistication; the Great Gatsby, Ellington, Count Bassie. It’s the very best of music, fused with sartorial elegance.
Will Malaysia introduce inheritance tax. About a month ago, I caught up with some Singapore and BVI trust lawyers over some off shore trust work. Coincidentally, on my return, WhatsApp messages started trickling in, asking whether inheritance tax will be introduced in the upcoming budget.
On a trip to Kuala Lumpur last week, I was discussing the acquisition of an oil palm plantation with clients when the issue of disbursements such as estate land board application & registration fees, stamp duty on the instrument of transfer cropped up. Although my team & I are aware, as announced in the 2017 Budget, the stamp duty on the instrument of transfer for amounts over RM1,000,000/- is set to increase from 3% to 4% WEF 1st January 2018, it was only then that the magnitude of the proposed amendment to the Stamp Act dawned on us, which is the reason for sharing this write up.
Because, even if you’re not planning on purchasing a large plantation, it might be something worth looking into. For instance, if you were to purchase a property worth RM2,000,000 after 1st of January, 2018 as opposed to today, the increased cost to you could potentially be RM10,000/-. So, rather than wait till December 2017 when it is anticipated “panic” signings will occur and when most people tend to be on leave, why not think of entering into your purchases now? Something to mull over!
I caught up recently with my sister, Tiffany, who coincidentally also just visited and reviewed a place I’ve been meaning to check out (great minds!). It’s called the Habitat Penang Hill, and it’s a nature trail & canopy walk run by two close friends of our family, Freddie and Allen. The Habitat trail takes you past 3 of Penang Hill’s oldest historic bungalows and rainforest. Read more about the Habitat at Penang Local, my sister’s website on everything Penang.
Here’s my latest video to start your week off. Enjoy!
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What an exciting couple of weeks it has been! I got a few challenging wills signed off and advised on some complex structures for Malaysian families with UK ties.
Penang’s amazing restaurants: Over the past months I’ve put in the effort & had the privilege of dining in some amazing places because I believe when you work hard, you reward yourself with a good meal.