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Can a non-fiduciary owe fiduciary obligations?

In the Matter of the Piedmont Trust and the Riviera Trust powers of appointment and who can exercise them are an important aspect of both the management of a trust, and the very terms on which a trust is settled.  It is now generally agreed that  whether the powers are held by a trustee or a … Continue reading

Panama Papers

Never let the facts get in the way of a good story. The Panama Papers story is big by any measure and there is information a plenty.  However, what is being said about New Zealand and suggestions of tax haven aspects to how trusts are taxed need to be considered alongside a good dose of … Continue reading

To be very clear

While foreign trusts are getting some headlines, it is useful to bring attention to a small amendment to the complying trust election regime where a trust can elect to be a complying trust. The Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 has amended ss HC 10 and HC 33 … Continue reading

Tax haven or not?

New Zealand’s tax treatment of trusts has made front page headlines this week due to its taxation treatment of foreign trusts. To quote the New Zealand Herald article on the “Panama Papers”: “New Zealand’s 12,000-plus offshore trusts pay no New Zealand tax on foreign earnings. Their beneficiaries are not registered and their accounts are not filed … Continue reading