Room 602

On 2 November 2005, the Legislative Council passed the Revenue (Abolition of Estate Duty) Bill 2005 to amend the Estate Duty Ordinance to implement the proposal to abolish estate duty.

The Ordinance will commence operation three months from its publication in the gazette, i.e. February 11, 2006. Estates of persons who pass away on or after the commencement date of the Ordinance will not be subject to estate duty.

By abolishing estate duty, Hong Kong can attract more overseas investors to hold assets here. The abolition can further promote the development of Hong Kong as an important asset management centre. Moreover, the abolition will reduce the time taken for obtaining the grant of probate, thus helping to ease cash-flow problems that may occur.

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