![]() ![]() “We have three properties in Beijing, one in England, and one in Portugal,” he says. His estate, divided across property, stocks, and shares, will certainly incur a hefty inheritance tax bill. Inheritance tax only applies to taxpayers who are domiciled in the UK – and despite living in Beijing for most of his life, Mr Mosely remains domiciled here. Ms Mosely has invested the funds, making sure to keep them outside the UK. Mr Mosely married locally in the 1980s, and together he and his wife Xiaomo raised a bilingual family while he invested his earnings without the threat of capital gains tax.Ĭonscious that any money he left after his death would be taxed at 40pc, Mr Mosely, who is still domiciled in the UK, transferred his money to Xiaomo, now 63. By 2003 he was the general manager of a sustainable mining company based in Beijing. Promotions came thick and fast, and Mr Mosely planted roots. ![]() Mr Mosely, originally from Essex, first went to China in the 1970s as a PhD engineering student, and like many others in the brain drain of the era, he stayed there as his employer at the time paid his living expenses. More than 50 MPs including Liz Truss and Nadhim Zahawi have now called on Prime Minister Rishi Sunak to abolish it. The Telegraph is campaigning to scrap the divisive 40pc death duty. He says: “We would consider it fair enough to succumb to UK taxes on our pensions and investments, as being a price worth paying, but there is no way my wife, upon her eventual demise, will donate 40pc of her assets to the Government for them to waste.” After a life mostly spent working in Beijing, China, the 70-year-old yearns for “England’s green and pleasant land”, but the looming threat of inheritance tax is keeping him away. Paul Mosely is desperate to return to Britain with his wife.
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