Tag Archive for Trustee

FATCA Guidance For UK Trustees

The United Kingdom’s Law Society, Institute of Chartered Accountants, and STEP published guidance that is intended to help United Kingdom trustees and their advisers determine whether FATCA registration is required.

The Law Society states that:

“This guidance is relevant for all UK trusts and trustees, whether or not they have any known US connections. UK financial institutions must meet the requirements of the Treaty and UK legislation in order to avoid the withholding tax. All UK trusts and trustees, whether or not they have any known US connections, need to consider their status under the UK/US agreement. If they are required to register with the IRS under the agreement, Read More

Written by | Posted in FATCA • International

Trustee of Foreign Trust And Enforcement Jurisdiction

Introduction

Enforcement jurisdiction principles can be of great significance to a foreign trust. As was set forth in a previous writing, (TaxConnections, Foreign Trusts and Legal Risks, December 24, 2013) some of the most sought benefits are dependent upon their ability to maintain their status in accordance with the laws of the sovereign. This writing will focus upon the foreign trustee that is essential to this demarcation.

Third party judgment creditors and revenue judgments of foreign governments utilize enforcement procedures that function from enforcement jurisdiction. Enforcement jurisdiction is a sovereign’s power to induce or compel or to punish noncompliance with its laws or Read More

Written by | Posted in Estate Planning Tax • International