New Tax Concessions for Family Offices
Single Family Offices (SFOs) based in Hong Kong stand to benefit from a new round of tax concessions passed by the Legislative Council aimed at Family-owned Investment Holding Vehicles (FIHVs)
FamilyOfficeHK welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 (the Bill) by the Legislative Council on 10 May 2023, gazetted on 19 May 2023.
To attain the policy objective of bringing investment management and related activities to Hong Kong, the FIHV shall be managed by an eligible SFO and fulfull the minimum asset threshold of HKD240 million and substantial activities requirement.
The tax concession is applicable to any years of assessment commencing on or after 1 April 2022.