Due to the increasing requirements of wealth management and diversification, it has become necessary to develop private trusts in China. Private trusts are well developed in Australia, especially the private business trust, which plays a significant role in stimulating economic development in Australia. This article considers what might be learned from the Australian example. It considers that some of the obstacles to private trusts development in China could be the lack of tax incentives, the incomplete registration system for private trusts, and unascertainable trust legislation. The article posits that China could absorb useful ideas with regard to developing private trusts in the future. It concludes by making some proposals for Chinese private trusts development.
{"title":"Private trusts in China and some lessons from Australia","authors":"Mi Wang","doi":"10.1093/tandt/ttab073","DOIUrl":"https://doi.org/10.1093/tandt/ttab073","url":null,"abstract":"\u0000 Due to the increasing requirements of wealth management and diversification, it has become necessary to develop private trusts in China. Private trusts are well developed in Australia, especially the private business trust, which plays a significant role in stimulating economic development in Australia. This article considers what might be learned from the Australian example. It considers that some of the obstacles to private trusts development in China could be the lack of tax incentives, the incomplete registration system for private trusts, and unascertainable trust legislation. The article posits that China could absorb useful ideas with regard to developing private trusts in the future. It concludes by making some proposals for Chinese private trusts development.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42492548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The idea of an overly idealized “sharing economy”, in which private property becomes a common good, is gaining power. The proponents seem to forget, that private property and clearly defined property rights are essential factors for the prospering development of society. This article illustrates how the world has got so far and why the idea of a transparent world full of equality and common property is a misleading effort.
{"title":"The idea of a transparent world full of equality and common property—a way to disaster","authors":"H. S. H. Prince Michael of Liechtenstein","doi":"10.1093/tandt/ttab076","DOIUrl":"https://doi.org/10.1093/tandt/ttab076","url":null,"abstract":"\u0000 The idea of an overly idealized “sharing economy”, in which private property becomes a common good, is gaining power. The proponents seem to forget, that private property and clearly defined property rights are essential factors for the prospering development of society. This article illustrates how the world has got so far and why the idea of a transparent world full of equality and common property is a misleading effort.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48138417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Trusts are commonly used in the design of wealth planning structures in Asia. It is generally necessary for a trustee to consider the Singapore taxation of a trust if it is administered in Singapore, or otherwise has a nexus due to the functions performed by other parties. Few specific legislative provisions apply and the administrative practise of the Inland Revenue Authority of Singapore is concisely stated. This gives rise to a number of potentially complex issues which should be considered by trustees. These issues are ripe for future administrative or judicial clarification.
{"title":"Taxation of trusts in Singapore","authors":"S. Banfield","doi":"10.1093/tandt/ttab036","DOIUrl":"https://doi.org/10.1093/tandt/ttab036","url":null,"abstract":"\u0000 Trusts are commonly used in the design of wealth planning structures in Asia. It is generally necessary for a trustee to consider the Singapore taxation of a trust if it is administered in Singapore, or otherwise has a nexus due to the functions performed by other parties. Few specific legislative provisions apply and the administrative practise of the Inland Revenue Authority of Singapore is concisely stated. This gives rise to a number of potentially complex issues which should be considered by trustees. These issues are ripe for future administrative or judicial clarification.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44371562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Building upon an earlier article exploring ancient Greek, Roman, Neoplatonic and Avicennian influences upon English trusts, the discussion moves on to consider how—whether wittingly or unwittingly—the Bracton authors subsequently misapplied Roman jurisprudence in their treatise. From this, a hotchpotch of discordant ideas is argued to have laid the foundations for one of the most enthralling issues raised in modern times: Which living persons are relevant to the common law Rule Against Perpetuities and what purpose do they serve? Attorneys advising citizens in nine US states where the common law Rule still applies deserve an answer.
{"title":"Illuminating measuring lives: snuffing out Twisden’s candles","authors":"S. Pratt","doi":"10.1093/tandt/ttab055","DOIUrl":"https://doi.org/10.1093/tandt/ttab055","url":null,"abstract":"\u0000 Building upon an earlier article exploring ancient Greek, Roman, Neoplatonic and Avicennian influences upon English trusts, the discussion moves on to consider how—whether wittingly or unwittingly—the Bracton authors subsequently misapplied Roman jurisprudence in their treatise. From this, a hotchpotch of discordant ideas is argued to have laid the foundations for one of the most enthralling issues raised in modern times: Which living persons are relevant to the common law Rule Against Perpetuities and what purpose do they serve? Attorneys advising citizens in nine US states where the common law Rule still applies deserve an answer.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41734017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the United States, two states that have been at the vanguard of developing and enacting modern trust laws—New Hampshire and Wyoming—have recently enacted laws allowing foundations. For families seeking a US-situs foundation, both states provide similar, well-developed statutory regimes for foundations. The statutes have many common elements. One such element is the flexibility that families have when designing foundations. While that flexibility should enable most families to achieve their objectives in either state, some families may find that one state’s statutory regime is better suited to their particular situation and objectives. The present article presents the reader with a detailed comparative outline of the New Hampshire and Wyoming foundation laws.
{"title":"US-situs foundations","authors":"T. D. Mayo, Amy M. Staehr, Von Sanborn","doi":"10.1093/tandt/ttab065","DOIUrl":"https://doi.org/10.1093/tandt/ttab065","url":null,"abstract":"\u0000 In the United States, two states that have been at the vanguard of developing and enacting modern trust laws—New Hampshire and Wyoming—have recently enacted laws allowing foundations. For families seeking a US-situs foundation, both states provide similar, well-developed statutory regimes for foundations. The statutes have many common elements. One such element is the flexibility that families have when designing foundations. While that flexibility should enable most families to achieve their objectives in either state, some families may find that one state’s statutory regime is better suited to their particular situation and objectives. The present article presents the reader with a detailed comparative outline of the New Hampshire and Wyoming foundation laws.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44341378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Collaborative activities at the interface of philanthropy and government are increasingly assumed to be a desirable answer to complex—even wicked—public problems. Against this backdrop, this article discusses different types of collaborations, their accompanying levels of difficulty, and the roles that philanthropies might play in these efforts. Although this collaboration might hold promising potential, it will be argued that success will be very difficult to achieve. Consequently, indications are that philanthropies interested in increasing their collaborative activities at the interface of government might need to adjust their expectations and enhance their frustration tolerance. However, trust is seen as the central driver of collaborations across all sectors. By adopting a common approach to managing philanthropic practice, such as a joint performance management, that includes a broad understanding of performance beyond fixed indicators, it is argued that philanthropies are able to operationalize the resource trust. The Philanthropy. Insight Assessment Tool is proposed as a starting point for a joint conversation on the current and future philanthropic practice and its principles, including debates on the practical value of performance management systems.
{"title":"Addressing wicked problems. Collaboration, trust and the role of shared principles at the philanthropy and government interface","authors":"R. Strachwitz, R. Alter, T. Unger","doi":"10.1093/tandt/ttab066","DOIUrl":"https://doi.org/10.1093/tandt/ttab066","url":null,"abstract":"\u0000 Collaborative activities at the interface of philanthropy and government are increasingly assumed to be a desirable answer to complex—even wicked—public problems. Against this backdrop, this article discusses different types of collaborations, their accompanying levels of difficulty, and the roles that philanthropies might play in these efforts. Although this collaboration might hold promising potential, it will be argued that success will be very difficult to achieve. Consequently, indications are that philanthropies interested in increasing their collaborative activities at the interface of government might need to adjust their expectations and enhance their frustration tolerance. However, trust is seen as the central driver of collaborations across all sectors. By adopting a common approach to managing philanthropic practice, such as a joint performance management, that includes a broad understanding of performance beyond fixed indicators, it is argued that philanthropies are able to operationalize the resource trust. The Philanthropy. Insight Assessment Tool is proposed as a starting point for a joint conversation on the current and future philanthropic practice and its principles, including debates on the practical value of performance management systems.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43502802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
UBO registers of companies and trusts are being introduced all over the EU under the 4th and the 5th AML Directive. Very few EU Member States have expressly dealt with the case of an EU company controlled by a trust. The UBO registers of companies are fully open to the public while those of trusts are accessible only to people demonstrating a legitimate interest. This is consistent with the respect of privacy that goes back to the ‘Declaration of the Rights of Man and the Citizen’ of 1789. Some countries such as Belgium and Cyprus have issued regulations requesting that only the trust be mentioned in the UBO register of the underlying company while the details of the UBOs of that trust are filed in the corresponding, non-public register.
{"title":"UBO registers in the EU and the case of a company controlled by a trust","authors":"P. Panico","doi":"10.1093/tandt/ttab072","DOIUrl":"https://doi.org/10.1093/tandt/ttab072","url":null,"abstract":"\u0000 UBO registers of companies and trusts are being introduced all over the EU under the 4th and the 5th AML Directive. Very few EU Member States have expressly dealt with the case of an EU company controlled by a trust. The UBO registers of companies are fully open to the public while those of trusts are accessible only to people demonstrating a legitimate interest. This is consistent with the respect of privacy that goes back to the ‘Declaration of the Rights of Man and the Citizen’ of 1789. Some countries such as Belgium and Cyprus have issued regulations requesting that only the trust be mentioned in the UBO register of the underlying company while the details of the UBOs of that trust are filed in the corresponding, non-public register.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44804074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Trusts/foundations are a relatively new estate planning tool in Israel. As such, the Trust Law, passed in 1979, is basic legislation governing the principles of trust law. Together with the Tax Ordinance governing the taxation of trusts and court precedents, Israel trust practice is formed. Although, compared to extensive practices in other jurisdictions such as the UK or the USA, the trust practice in Israel is in its initial stages with much room to grow and expand. The factual basis and the necessity for establishing trusts lie in HNW families, social changes in the nuclear family and the need to care for the elderly and disabled. In addition, there is a growing practice of holding real estate via trust structures which remains to be resolved from a tax perspective as such structures are taxed under the Taxation of Real Property Law and not under the Tax Ordinance. This article will focus on several important legal issues involved in drafting and administering Israeli trusts/foundations; recognition of foreign trusts/foundations in Israel, the trustee's confidentiality obligation, and dispute resolution options for trusts.
{"title":"Israel: foreign trusts, trustee confidentiality and dispute resolution","authors":"Alon Kaplan, Lyat Eyal, Meytal Liberman","doi":"10.1093/tandt/ttab071","DOIUrl":"https://doi.org/10.1093/tandt/ttab071","url":null,"abstract":"\u0000 Trusts/foundations are a relatively new estate planning tool in Israel. As such, the Trust Law, passed in 1979, is basic legislation governing the principles of trust law. Together with the Tax Ordinance governing the taxation of trusts and court precedents, Israel trust practice is formed. Although, compared to extensive practices in other jurisdictions such as the UK or the USA, the trust practice in Israel is in its initial stages with much room to grow and expand. The factual basis and the necessity for establishing trusts lie in HNW families, social changes in the nuclear family and the need to care for the elderly and disabled. In addition, there is a growing practice of holding real estate via trust structures which remains to be resolved from a tax perspective as such structures are taxed under the Taxation of Real Property Law and not under the Tax Ordinance. This article will focus on several important legal issues involved in drafting and administering Israeli trusts/foundations; recognition of foreign trusts/foundations in Israel, the trustee's confidentiality obligation, and dispute resolution options for trusts.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45242831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 2012, the European Commission presented a draft regulation proposing the establishment of a European Foundation (called Fundatio Europaea). This article concisely retraces the legislative process of the project, which—unfortunately—was not successful in the end. The project is not expected to be revived in the short or medium term. Concrete alternatives to the FE have not yet been considered either. Nevertheless, regarding social enterprises, the European Union could potentially consider measures partially addressing similar issues.
{"title":"The (temporary) end of the Fundatio Europaea (FE)","authors":"Stefanie Jung","doi":"10.1093/tandt/ttab064","DOIUrl":"https://doi.org/10.1093/tandt/ttab064","url":null,"abstract":"\u0000 In 2012, the European Commission presented a draft regulation proposing the establishment of a European Foundation (called Fundatio Europaea). This article concisely retraces the legislative process of the project, which—unfortunately—was not successful in the end. The project is not expected to be revived in the short or medium term. Concrete alternatives to the FE have not yet been considered either. Nevertheless, regarding social enterprises, the European Union could potentially consider measures partially addressing similar issues.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46188503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The impacts of Covid-19 have been felt across the globe. Governments have grappled to try and contain the virus, restricting movement to protect their people and trying to protect their economy. Funding the support packages and the long-term effects of this pandemic will come from taxation. The UK government recently announced its latest budget, but was it as expected? It was widely speculated that there would be an increase in Capital Gains Tax but, with no mention in the Chancellor’s speech, is there still a risk of an imminent increase? Is there anything that can be done now in anticipation?
{"title":"A global pandemic Covid-19: the UK tax consequences of restrictions on movement and how the costs of ongoing government support will be funded by UK taxpayers in the long term","authors":"J. Brassey, Rosalind Burns","doi":"10.1093/tandt/ttab067","DOIUrl":"https://doi.org/10.1093/tandt/ttab067","url":null,"abstract":"Abstract The impacts of Covid-19 have been felt across the globe. Governments have grappled to try and contain the virus, restricting movement to protect their people and trying to protect their economy. Funding the support packages and the long-term effects of this pandemic will come from taxation. The UK government recently announced its latest budget, but was it as expected? It was widely speculated that there would be an increase in Capital Gains Tax but, with no mention in the Chancellor’s speech, is there still a risk of an imminent increase? Is there anything that can be done now in anticipation?","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44971335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：