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If you feel that anything is wrong, incorrect, illegal or even offensive – please let me know and it can be corrected immediately.
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All information herein has been obtained from various public sources and is for your information only.
I accept no liability of any sort in relation thereto and you should obtain your own verification of any statement before making any decision which may have financial or other impact.
Neither the information or opinions herein constitute, or are they to be construed as, an offer or solicitation to buy or sell investments, and is purely a reflection of information that I have found personally useful.
The KL office will be closed on the following dates. Please ensure that anything urgent is given enough time to be sorted. To contact us during these times please send me an SMS, an e-mail or use the Contact Me page.
Feb 9th (reopen 10/2) – Public Holiday
Feb 25th until Mar 5th (reopen 6/3) – Travelling to Miri (Sarawak) and Brunei
Mar 25th until Apr 2nd (reopen 3/4) – Travelling to Phuket (Thailand)
Apr 25th until May 1st (reopen 2/5) – Travelling to Miri (Sarawak) and Brunei
May 10th (reopen 11/5) – Public Holiday
Please note that Ramadan month 2017 is between the 27th May and 25th June. There may be service issues during this period and meetings are probably best avoided.
The following report is from the International Adviser site dated 4th May 2016. Obviously there must be many questions from clients about how their savings and investments have been handled. In addition, are the clients actually happy with being transferred to another agency without their authority?
If you have been caught up in this and would like a truly independent opinion from somebody with more than 20-years’ experience, then please Contact Me Immediately.
Montpelier shuts KL office, transfers clients to 360
Added 4th May 2016
Malaysian-based financial advisory firm Montpelier has closed its troubled Kuala Lumpur office, transferred all client business to Labuan-regulated Three Sixty Financial (360) and parted ways with two former directors, Stuart Williamson and Diane Docherty.
In a letter to clients seen by International Adviser and dated 2 May 2016, Montpelier Malaysia director Keith Bayliss said the move was necessitated due to expansion plans within Asia by UniCap Global, Montpelier’s parent company of which Bayliss is a shareholder.
“UniCap Global is close to completing the acquisition of two brokerages based in Malaysia and also two further brokerages: one in Hong Kong and one in China.
“Consequently, a management restructure has been necessary, and as part of this, two of Montpelier’s directors, Stuart Williamson and Diane Docherty, were suspended from the company and have subsequently resigned,” Bayliss said.
Bayliss went on to tell clients that any correspondence they may have received from Williamson and Docherty recently, including any from a Montpelier e-mail account, had nothing to do with the company’s future plans.
The latest developments at Montpelier follow the sudden and brief closure of the Montpelier office in Kuala Lumpur in February when the two directors were first suspended pending an audit of the business.
Bayliss said as part of the restructure and UniCap’s future plans, the Montpelier office in Kuala Lumpur had now been formally closed and all client files and policy servicing rights transferred to Three Sixty Financial (360).
Writing in his capacity as a director of Montpelier Malaysia Ltd, Montpelier Administration Services Sdn Bhd and Montpelier Tax Consultants Sdn Bhd, Bayliss told clients that, other than a change of contact point to 360, there would be no impact on their existing accounts.
“Your money is safe,” he said.
Justin Moorhouse, chief executive of 360, underlined the same message in a separate letter to Montpelier’s clients.
“The change is in your best interests and will allow you to enjoy a secure and stable service now and in the future,” Moorhouse said.
Three Sixty Financial has been licensed and regulated since 2001 and is wholly owned by its directors.
“As a business we have matured greatly in the last 15 years and developed an excellent reputation for strong ethics, integrity and expertise which I am looking forward to delivering to you too,” Moorhouse said in the letter to clients.
“It is for these reasons UniCap have identified 360 as the most qualified team to drive their expansion throughout Asia, whilst also offering their existing clients the highest levels of service and integrity.”
Castlestone no longer provide a weekly summary of the major stocks and commodities price movements but now have a monthly report on the global markets. I shall keep this updated as often as possible but you can always use the Contact Me section to request the latest information. More information about the Castlestone range of funds and their performances can be found on the Castlestone Funds page.
RL360 provide a very good overview of what’s been happening in the markets. I shall keep this updated whenever a new version is available. If you are looking for old figures then you can always refer to the Archive section. For any information on the range of RL360 products or to talk about what can be done in different markets, please contact me.
Overseas trusts with beneficiaries based in the UK will be forced to pay tax in assets which had previously fallen outside the British tax net after HM Revenue & Customs amended a long-standing piece of legislation.
HMRC quietly announced last week that it had made some amendments to its Inheritance Tax manual, which includes changes to section IHTM27079 – Specialty debts: bonds and debentures under seal as well as a few related sections which follow.
The amendment means that where a speciality debt (which includes a debt made by deed – commonly used by overseas trusts) used to be taxed on the basis of where the relevant deed was located, it is now taxed on the basis of where the beneficiary resides, which in some cases will be the UK.
According to Gary Heynes, private client group partner at Baker Tilly, this alteration to a “centuries old” piece of tax legislation could have significant implications for overseas trusts. The tax expert also suggested the fact that HMRC did not consult the industry in anyway, could set a worrying precedent for future changes.
“This will have a major impact for those working within accepted general legal principles and HMRC practice, who suddenly find themselves in a taxable position with no consultation, no explanation for the change, and no opportunity to make any changes to their arrangements – assuming HMRC’s revised position is to be accepted,” said Heynes.
“While overseas trustees may seem a small group of taxpayers to be affected, this could impact many more taxpayers if HMRC now start changing their view in other areas of accepted practice, without consultation or opportunity to change arrangements.”
However, Gerry Brown, technical manager at Prudential did not share Heynes’s view that a consultation was necessary adding that if there were a consultation on every change in interpretation “we would never get any finality”.
It is understood that there are a number of challenges being presented to HMRC, both in relation to specific cases and the new interpretation itself.
To view the amendments please visit HMRC’s website here. Please also feel free to Contact Me at any time if you would like to discuss your personal case and how you may be affected.
After the death of a policyholder of an Isle of Man asset probate is administered by the General Registry within the Isle of Man Courts of Justice, and may be required if the estate is worth more than £5,000.
You can apply for probate yourself as long as you live on the island, but if the estate is complex you may choose to use an Isle of Man advocate, which is a lawyer who combines the role of a solicitor and barrister. If you do not usually live on the Isle of Man and the asset holder is willing to do so, you may be able to apply for probate using their address.
To find an advocate, you can visit the Isle of Man Law Society website or call +44 (1624) 662 910.
The General Registry can guide you on the process of application, but cannot give you advice about the distribution of the estate. Once probate is granted, the documents are stored in the Deeds Registry.
The General Registry
Isle of Man Courts of Justice
Isle of Man
Tel: 01624 685265
If there is no Will, a grant is usually applied for by a beneficiary. The beneficiary must give notice of their application to all other people entitled to a share of the estate who are a resident of the Isle of Man.
It is very important for all holders of Isle of Man insurance policies, savings products and bank accounts to make sure that they avoid the need for probate to avoid problems for their beneficiaries.
If you are unsure then I shall be glad to help out, just Contact Me and I can guide you through the process.