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In Jacomb v Jacomb Cooke J provides a considered assessment of disclosure in the context of a troubled and disenfranchised beneficiary. The case highlights the need for careful analysis of facts when seeking disclosure, the relevant principles, and importantly given that the Trusts Act 2019 will come into full force and effect on 30 January … Continue reading
Under New Zealand’s tax rules, rental income from land belongs to the owner of the land and it is the owner who must declare the income to Inland Revenue. Where the property is owned by a trustee or trustees, this obligation falls on the trustees because, as a general proposition, where a property is held … Continue reading
Being a trustee is hard, and at times quite possibly boring (to paraphrase from the movie An Education: Emma Thompson and Carey Mulligan). And worse, if you get it wrong the beneficiaries can sue you, no matter how hard a trustee might try to get it right. Fortunately, help is at hand in the form of … Continue reading
The decision in Van Uden v CIR highlights the importance of recognising when a property owned by a trust can comprise a permanent place of abode. The significance of a property being a permanent place of abode is that a person who is otherwise non-resident for tax purposes, will be treated as resident in New Zealand … Continue reading
Certainty as to object, that is, who the beneficiaries of a trust are is one of the three certainties required to evidence a valid trust. See Davis v White. However, what is the position where it is clear that a person or company or trust is a beneficiary – it is just that had the … Continue reading
The taxation of trusts is a dynamic and ever-changing landscape. The third edition of Taxation of Trusts published this week (September 2016) has been up-dated to incorporate recent case law developments and legislative amendments. The text also considers the application of FATCA to trusts and proposed new reforms to the disclosure rules and closely … Continue reading
Trusts are the best long-term intergenerational form of asset protection. However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts. If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts. Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading
Inland Revenue has released Interpretation Statement 12/02: Income tax – Whether income deemed to arise under tax law, but not trust law, can give rise to beneficiary income. Interpretation Statement 12/02 (IS12/02) confirms the Commissioner’s view (outlined last year in IS1110: see Tax law review of whether deemed income is beneficiary income) that in some circumstances, … Continue reading
Matters of Trust 