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Tax and Jurisdictions

July 9, 2009

Within the family office the role of the trustee is to safeguard assets and present investment options to the family. In today’s litigious society failure to manage these duties can be severe. Henry Frydenson outlines the pitfalls for trustees and offers advice on ways to avoid problems

Within the family office the role of the trustee is to safeguard assets and present investment options to the family. In today's litigious society failure to manage these duties can be severe. Henry Frydenson outlines the pitfalls for trustees and offers advice on ways to avoid problems

July 9, 2009

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

June 3, 2009

On 17 February, the American Recovery and Reinvestment Tax Act of 2009 was signed into law. The Act included $300 billion in tax relief so if you own a business in the US or invest in a business in the US, it’s important to understand these changes and capitalise on them now.

On the 17 February 2009, the American Recovery and Reinvestment Tax Act of 2009 ("the Act") was signed into law by President Obama. The Act included $300 billion in tax relief so if you own a business in the US or invest in a business in the US, it's important to understand these changes and capitalise on them now, as a number of the changes are either temporary or temporarily extend prior provisional law.

Highlights of major business deduction changes include:

June 3, 2009

One of the best ways to reduce inheritance tax (IHT) on your death is to give away assets during your lifetime. The problem is, a gift can trigger a large capital gains tax (CGT) bill if the asset has gone up in value during your period of ownership. That has always been a big disincentive to lifetime giving.

Save inheritance tax and reduce your capital gains tax bill
One of the best ways to reduce inheritance tax (IHT) on your death is to give away assets during your lifetime. The problem is, a gift can trigger a large capital gains tax (CGT) bill if the asset has gone up in value during your period of ownership. That has always been a big disincentive to lifetime giving.

June 3, 2009

Much talk in the past few months has been focused on which jurisdictions are the most family office friendly. Whilst Switzerland, Monaco and London seem obvious choices when establishing a family office within Europe, we found that the Isle of Man, a self governing British Crown dependency, suited our purposes and is now making concerted and successful efforts to compete in this market.

Much talk in the past few months has been focused on which jurisdictions are the most family office friendly. Whilst Switzerland, Monaco and London seem obvious choices when establishing a family office within Europe, we found that the Isle of Man, a self governing British Crown dependency, suited our purposes and is now making concerted and successful efforts to compete in this market.

April 30, 2009

Last week’s UK budget has been widely seen as a political budget designed to set the parameters for the country’s general election, due next year. Chancellor Alistair Darling’s headline-grabbing increase in interest rates for the wealthy (the top rate is now 50%) was certainly a knee-jerk reaction to political rather than economic problems.

Last week's UK budget has been widely seen as a political budget designed to set the parameters for the country's general election, due next year. Chancellor Alistair Darling's headline-grabbing increase in interest rates for the wealthy (the top rate is now 50%) was certainly a knee-jerk reaction to political rather than economic problems.

April 9, 2009

The UK has long been known as a tax haven for foreign nationals looking for a low tax jurisdiction.But despite the benefits of the old rules, a new set of highly complicated rules kicked in as of this week which will be costly to monitor and stay within, for those who wish to remain in the UK.

The UK has long been known as a tax haven for foreign nationals looking for a low tax jurisdiction. It's not that the UK has particularly low taxes. It's the way taxes are applied for individuals considered non-UK domiciled. This favourable position has existed for years, largely due to Britain's colonial past. Some changes were made, largely in the 1990s, with the most significant taking effect from 6 April 2008. So be warned if you're considering a move to the UK.

April 3, 2009

New tax haven lists published by the OECD last night in the wake of the G20 London summit will drive more family office business towards the Channel Islands and the Isle of Man.

New tax haven lists published by the Organisation for Economic Cooperation and Development (OECD) last night in the wake of the G20 London summit will drive more family office business towards the Channel Islands and the Isle of Man.

April 1, 2009

The French government has named family-controlled tyremaker Michelin as one of three businesses it wants to investigate for alleged tax fraud.

The French government has named family-controlled tyremaker Michelin as one of three businesses it wants to investigate for alleged tax fraud. The investigations will focus on banks accounts and foundations that French newspapers are reporting are held in Liechtenstein by Michelin, oil giant Total and sportsbrand Adidas.

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