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QB 15/11: Income tax – Scenarios on tax avoidance – 2015 gives examples where trustees of a discretionary trust take into account the tax position of the beneficiaries when making decisions about distributions of beneficiary income; and finds that this is not tax avoidance. However, there are some important caveats, and the question to consider when any … Continue reading →
Historically, absent a specific anti-avoidance provision, trustees have been unclear as to whether resident withholding tax (RWT) credits must be allocated in proportion to interest income or if the credits could be “streamed” for better effect. A recent amendment to the Income Tax Act 2007 has clarified the position and now provides that a trustee can … Continue reading →
Matters of Trust