Trusts are settled with the best of intentions – and given that a discretionary family trust can last for up to 80 years – long term intentions. However, when the settlors fall out, those intentions can fall victim to the relationship fall out. So what are the trustees to do? There may be trust property … Continue reading
The Court of Appeal has dismissed as aspects of an appeal of a High Court decision upholding a loan between trusts following the breakdown of the borrowing trustees’ relationship. See Trustees until divorce us do part.
On 22 December 2014, Inland Revenue released draft Public Ruling PUB0209: “Income tax — whether a beneficiary will be treated as a settlor”. The Public Rulings consider whether a beneficiary of a trust who has a current account can be a “settlor” of the trust for income tax purposes under s HC 27(2)(a) or (b) of the Income Tax Act 2007. … Continue reading
FATCA, for the uninitiated is an acronym for US (foreign account tax compliance act) legislation that was introduced to assist the US IRS recover tax from US taxpayers’ undeclared foreign income. FATCA has application in New Zealand by virtue of an inter-governmental agreement (IGA). There has also been legislative amendments made to NZ legislation to accommodate FATCA. … Continue reading