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A swift financial round up ... |
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Monday, 12 December 2005 |
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For a very swift round up of changes in financial, tax and trust info from UK, RSA, France, Dubai, Switzerland and Taiwan that could affect you,
HM Revenue & Customs has recently announced that it collected nearly £3 billion in IHT receipts for the tax year 2004/05. This represents the biggest year on year increase (16%) since the tax was introduced in 1986. The tax is often quoted as a “voluntary tax” and can be avoided using the many estate planning trusts available. Contact us for more info on how to avoid this voluntary tax.
• The South African Revenue Service has recently released a discussion paper on proposed changes to income tax rules designed to clampdown on complex and sophisticated forms of tax evasion. The presently allowed R750K is muted to be doubled or abolished altogether with legislation looking to be passed February next year. If you need tax advice in SA then let us know and we can put you in touch with one of our Johannesburg associates.
• The Swiss government has decided to opt for closer co-operation with the EU in the short-term but has not ruled out full EU membership.
• The Dubai International Financial Centre (DIFC) courts held its first session establishing the first independent judiciary system in the region. Many investment and Life companies are looking to use the DIFC as their ME regional hub.
• The French appear to be moving slowly towards some form of recognition of trusts. A Fiducie instrument has been proposed defining it as an agreement under which a settlor can transfer rights to a legal entity called a fiduciaire, who would then be responsible for disposing and managing the rights. If you have intentions of purchasing property or retiring to France then there are some specific issues you should consider – contact us for more details.
• Taiwan has also amended its trust regime regarding local trusts and when gift taxes are triggered following a distribution from the trust. If you do not know the benefits a Trust can offer then please go to the relevant section of the website. |
