RetireJapan

Apols for the failed images in the previous post. Links were provided to Form CF83 (intended image was of Section 3) and "Apply to pay voluntary national insurance contributions when abroad" (intended image was of the "What you'll need" section); the intended information can be a...

When I phoned, I was told to list all employment since leaving the UK. Therefore, I had to include information from the 1990s. I wasn't sure of my employment status immediately before I left the UK and I was advised to answer as follows and explain in a cover letter: Q: What was your employment sta...

HMPO has published a long overdue "Knowledge Base" for Japan.

This is designed for HMPO staff, but might be useful for the likes of us in Japan trying to navigate HMPO processes.

Included in the Knowledge Base is a section on documents.

One other quick question regarding gift tax calculations. If I want to pass some money on to my son it would seem regular gifts from an early age is wise? Gifts up to 1.1m are exempt, right? Then there are the brackets, starting at 10% for up to 2m. My question is: Does the gift exempted by the 1.1...

If your understanding is correct, and this is taxed as a gift rather than inheritance, presumably this is negative for the beneficary as she/he will end up paying more tax? Yes. Though if the beneficiary was not resident in Japan (for tax purposes) at the time of the trust's establishment, would it...

Further reading: 1. u/starkimpossibility's response to a similar situation on r/JapanFinance 2. Revision of the Trust Law and Issues of Inheritance and Gift Taxes: research paper published on NTA website (referenced in 1.) 3. Basic knowledge of trusts: Rakuten guide to trusts following the New Trust...

As far as I'm aware, as the benficiary of the fund, I am not considered to be the owner of that money right now. (Is that correct?) I could keep the fund ticking over and inherit it (U.K.) tax free when that time comes. But I would of course be liable for Japanese inheritance tax on it I don't thin...

Oh no, not another post!!! Just to add: A gift tax is imposed when you receive properties donated by individuals. When you receive properties donated by a corporation such as a company, income tax instead of gift tax is imposed. https://www.nta.go.jp/english/taxes/others/02/15002.htm [NTA English si...

Apologies, I failed to correctly post the Thomson Reuters Practical Law (UK) definition of a discretionary trust. Reposted with it (hopefully) in place. There is some commentary on how Japan treats trusts here: https://www.withersworldwide.com/en-gb/insight/read/private-wealth-in-japan Assuming the ...

There is some commentary how Japan treats trusts here: https://www.withersworldwide.com/en-gb/insight/read/private-wealth-in-japan Assuming the above secondary source is authoritative (arrived at by search engine rather than being a go-to resource), a lot hinges on whether the trust is considered pa...