(ii) Aircraft Maintenance Engineer, aged 38. 15 years with an aircraft engineering company. Married with 2 children and planning to leave for Toronto this year. He would stay in Hong Kong if he could get a British passport.
(iii) Director and Group General Manager of a trading company, aged
38. 11 years with the company. Married with one child. Keen to stay in Hong Kong but if he can't obtain a British passport he will
file an application for Singapore. The House will note that the
Singapore scheme, like our own, does not require applicants to leave
Hong Kong in order to qualify.
The documentary evidence and personal testimony of people like
this is reinforced by consideration of the objective facts
concerning salary levels and tax regimes in Hong Kong. Tax payers
in the territory have long enjoyed low personal taxation, a simple
tax system and a narrow tax base. A husband and wife with two
school aged children if they opt for joint tax assessment will not
pay more than 15% tax on their joint salaries, (excluding fringe
benefits). The standard rate of profits tax on non-corporate
business is also 15%. A limited company pays 16.5%. Hong Kong
people and businesses are only taxed on income and profits arising within the territory. There is no sales tax and no capital gains or
capital transfer tax.
Salaries for professionals in Hong Kong are relatively high. A
senior teacher between the age of 30 and 40 with a university degree may earn an annual gross salary of £31,000 and after tax, assuming. he was married, may expect to take home £26,350. A senior engineer
within the same age and educational range could earn £40,000 and
take home 34,000. A senior doctor earning £71,000 would take home 60,350, a computer professional earning £38,000 would take home £32,300. Comparative average figures for higher earners in thes
fields in the UK would depend on individual circumstances but average figures for a teacher in similar circumstances might be
£19,560 gross, £14,447 net, an engineer £24,042 gross, £17,808 net,
a doctor £41,892 gross, £28,576 net, while a computer professional
might earn £24,809 gross and £18,325 net.
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