Latest news with #FICs
The Star
2 days ago
- General
- The Star
A sea of unity flowing in Penang
GEORGE TOWN: Rotor blades thundered and steel-grey hulls gleamed as the Royal Malaysian Navy (TLDM) staged an aerial and naval display for the Asean Navies' City Parade at the Esplanade in Padang Kota Lama here. Four helicopters in close formation circled overhead, while five Fast Interceptor Crafts (FIC) skimmed the waters in high-speed manoeuvres. The FICs, designed for coastal patrol, surveillance, rapid response, rescue and intercept missions, cut clean lines across the strait to cheers from the crowd. For safety officer Azman Rahim, 42, the event was worth the trip from Butterworth with his wife and children. 'We came with our two young kids because we didn't want to miss this spectacular event. 'The helicopter flyby and navy boats moving in formation are not things you see every day. 'My children were waving the Jalur Gemilang as the boats and ships passed, and I could see the pride in their eyes. 'Events like this remind us of how strong our country stands, not just alone but with our neighbours. Real deal: Curious children taking turns to 'play soldier' with the small arms on display.— LIM BENG TATT/The Star 'I hope my children grow up appreciating the sacrifices of our armed forces and continue to love our country,' he said. On the ground, visitors got the opportunity to hold the navy's small arms under supervision. Rifles such as the M16, M4 Carbine and L7A2 machine gun were displayed for public interaction. Among the curious crowd was seven-year-old Chong Wei Ming, who struggled to lift a weapon almost as long as his arm. 'I like to play soldier at home with toy guns,' he said shyly. 'But this is the first time I have touched a real one. It's so heavy! 'I didn't know real guns are like this.' His father, Henry Chong, 48, said his son always pretends to be a soldier, adding: 'But now he realises it's not just for fun. There's real responsibility and discipline behind it.' The parade featured 23 contingents, including naval crews from eight Asean countries, students, marching bands and cultural performers. The crowd cheering as TLDM officers march in formation along Jalan Padang Kota Lama for the Asean Navies' City Parade in George Town. — LIM BENG TATT/The Star They marched past Penang Governor Tun Ramli Ngah Talib and his wife Toh Puan Raja Noora Ashikin Raja Abdullah, with Navy chief Admiral Tan Sri Dr Zulhelmy Ithnain and Penang Speaker Datuk Seri Law Choo Kiang on stage. The parade rekindled memories of the 1990 International Royal Fleet Review, when 59 warships and over 11,000 naval personnel visited Penang. On Friday, 10 warships from Asean navies had berthed at the Swettenham Pier Cruise Terminal ahead of a week of defence events under Malaysia's Asean chairmanship. They are KD Kedah, KD Lekiu and KD Lekir (TLDM), UMS Kin Sin Phyu (Myanmar), RSS Vigour (Singapore), BRP Antonio Luna (the Philippines), KRI Bung Tomo (Indonesia), VPNS Quang Trung (Vietnam), HTMS Krabi (Thailand) and KDB Darulaman (Brunei). The 19th Asean Navy Chiefs' Meeting will take place tomorrow at Shangri-La Rasa Sayang Resort in Batu Ferringhi, followed by the Asean Chief Navy Interaction Programme at Penang Hill on Wednesday, which will include a tree-planting ceremony and the launch of the Asean Harmony Grove. The Asean Fleet Review on Thursday will close the series, with all participating warships sailing in formation through the northern strait. Malaysia holds the Asean Chair for 2025 under the theme 'Inclusivity and Sustainability'.
Telegraph
04-06-2025
- Business
- Telegraph
The little-known alternative to trusts that could help you dodge inheritance tax
In a bid to minimise the effects of Labour's looming inheritance tax raid, increasing numbers of people are turning to Family Investment Companies (FICs) as a means of protecting their hard-earned wealth. Despite being less widely known than trusts, they are becoming the 'go-to' option for inheritance planning and, while they have traditionally been of interest for the ultra wealthy, you don't necessarily have to be a high net-worth individual to benefit. However, there are lots of ways these companies can be set up and the rules can be complex. Here, Telegraph Money delves into the complex world of FICs to detail how setting up a company can prevent a huge inheritance tax bill. What is a Family Investment Company? How to set up a Family Investment Company? What's the difference between a Family Investment Company and a trust? Why is there a rise in demand for Family Investment Companies? Do Family Investment Companies pay corporation tax? What fees can you expect to pay? What are the downsides of using a FIC? What is a Family Investment Company? A Family Investment Company is typically a private limited company designed to pool family assets. There are several ways these companies can be set up, which can each fulfil different purposes – but they can be used to pass wealth to children or other family members in a tax-efficient way. Usually set up by parents or grandparents, the company is owned by family members. These tend to attract interest from the ultra-wealthy, however, tax advisers said it's now common for a broader £2m to invest. One of the most common uses of a FIC is to essentially put a 'lock' on an estate's value – this may be a concern if, for example, growth could erode inheritance tax allowances. Here, parents can set up a FIC they loan money to, and have any growth in the value of the company go to the children (note that this option may often be combined with a trust to hold the shares where the older generation wishes to retain full control of the company and who can benefit). Alternatively, parents could establish an FIC by subscribing for shares, which they immediately give away to children or other family members. The value of the gift will fall out of the donor's estate for inheritance tax purposes, provided the donor survives the gift by at least seven years – but it's important to consider whether you are willing to relinquish control to the company's shareholders (ie, other family members).
