Gifting assets to foreign charitable foundations could constitute a taxable event in France under French gift or inheritance tax. Such gifts thus require careful planning, as, depending on the localization and nature of that foreign charitable foundation, they might be taxed in France and hence jeopardize the initially intended charitable project, at least from the standpoint of its financing. Assessing whether the charitable project would indeed qualify for French preferential tax rules, requires a good understanding of both the respective foreign charitable institution and its French counterpart.
{"title":"Contributions to charitable foundations—French tax perspective","authors":"Christoph Jolk","doi":"10.1093/tandt/ttab030","DOIUrl":"https://doi.org/10.1093/tandt/ttab030","url":null,"abstract":"\u0000 Gifting assets to foreign charitable foundations could constitute a taxable event in France under French gift or inheritance tax. Such gifts thus require careful planning, as, depending on the localization and nature of that foreign charitable foundation, they might be taxed in France and hence jeopardize the initially intended charitable project, at least from the standpoint of its financing. Assessing whether the charitable project would indeed qualify for French preferential tax rules, requires a good understanding of both the respective foreign charitable institution and its French counterpart.","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":"48190691","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 creation of trusts in Thailand was strictly prohibited by the adoption of the Civil and Commercial Code in 1935. However, this civil law jurisdiction is currently home to a number of trusts: those created prior to 1935 in accordance with English law and trusts for use in capital markets, a statutory exception introduced in 2008. With a bill introducing trusts for personal asset management in the legislative pipeline, this article presents a timely overview of this little-known but evolving trust law landscape.
{"title":"Legal landscape of trust law in Thailand: the fading twilight of common law trusts and the sunrise of statutory trusts","authors":"A. Reekie, Surutchada Reekie, K. Ruengsrichaiya","doi":"10.1093/tandt/ttab061","DOIUrl":"https://doi.org/10.1093/tandt/ttab061","url":null,"abstract":"\u0000 The creation of trusts in Thailand was strictly prohibited by the adoption of the Civil and Commercial Code in 1935. However, this civil law jurisdiction is currently home to a number of trusts: those created prior to 1935 in accordance with English law and trusts for use in capital markets, a statutory exception introduced in 2008. With a bill introducing trusts for personal asset management in the legislative pipeline, this article presents a timely overview of this little-known but evolving trust law landscape.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41528878","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 tax treatment of the trust, the private foundation and the AMF is based on tax neutrality in Hungary, providing at least an equal and not burdensome treatment of these vehicles compared to any other alternative legal solutions. This treatment includes that the trustee and the foundation are treated as intermediaries from a tax and stamp duty perspective, with the outcome that the acquisition of the ownership of the transferred assets by the trustee or foundation does not trigger taxation. Moreover, asset owners are encouraged to use these vehicles as significant tax benefits that are provided in connection with the asset transfer, management and distribution.
{"title":"Tax benefits of the asset management foundation and trust in Hungary","authors":"Ákos Menyhei","doi":"10.1093/tandt/ttab029","DOIUrl":"https://doi.org/10.1093/tandt/ttab029","url":null,"abstract":"\u0000 The tax treatment of the trust, the private foundation and the AMF is based on tax neutrality in Hungary, providing at least an equal and not burdensome treatment of these vehicles compared to any other alternative legal solutions. This treatment includes that the trustee and the foundation are treated as intermediaries from a tax and stamp duty perspective, with the outcome that the acquisition of the ownership of the transferred assets by the trustee or foundation does not trigger taxation. Moreover, asset owners are encouraged to use these vehicles as significant tax benefits that are provided in connection with the asset transfer, management and distribution.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48388989","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 governance and operations of a Dutch foundation are regularly affected by case law and legislative developments. In this contribution, we discuss recent case law illustrating the importance of clearly formulated objectives of a foundation. We also address the recently introduced Bill on Civil Society Organizations.
{"title":"The Dutch foundation—statutory objectives and new disclosure requirements","authors":"Martijn van Steensel, R. V. D. Velden","doi":"10.1093/tandt/ttab056","DOIUrl":"https://doi.org/10.1093/tandt/ttab056","url":null,"abstract":"\u0000 The governance and operations of a Dutch foundation are regularly affected by case law and legislative developments. In this contribution, we discuss recent case law illustrating the importance of clearly formulated objectives of a foundation. We also address the recently introduced Bill on Civil Society Organizations.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41568976","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}
A recent decision of the Royal Court of Jersey has determined whether a foundation established and incorporated under Jersey law can be set aside on the grounds of mistake. The case is significant for individuals who may be looking to establish a foundation in Jersey as it provides guidance on the remedies available to them if they have taken action based on deficient advice. It also demonstrates that a foundation cannot be a sham.
{"title":"Help, my foundation was a mistake!","authors":"Richard Laignel, Sally M. Edwards","doi":"10.1093/tandt/ttab022","DOIUrl":"https://doi.org/10.1093/tandt/ttab022","url":null,"abstract":"\u0000 A recent decision of the Royal Court of Jersey has determined whether a foundation established and incorporated under Jersey law can be set aside on the grounds of mistake. The case is significant for individuals who may be looking to establish a foundation in Jersey as it provides guidance on the remedies available to them if they have taken action based on deficient advice.\u0000 It also demonstrates that a foundation cannot be a sham.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46870182","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 question of liability of a foundation council remains one of the most important issues in foundation law practice and is at the root of many conflicts in the Liechtenstein foundation landscape. This article seeks to contribute to a better understanding of the key principles of this topic by outlining some of the elements forming the very complex legal framework of Liechtenstein's laws of liability. A closer look at the more recent hot-button issues in light of the Supreme Court's case law reveals a multitude of legal issues ultimately rendering attempts by beneficiaries to hold the foundation council accountable an uphill battle.
{"title":"The liability of foundation councils: an uphill battle for beneficiaries?","authors":"Sebastian Auer","doi":"10.1093/tandt/ttab068","DOIUrl":"https://doi.org/10.1093/tandt/ttab068","url":null,"abstract":"\u0000 The question of liability of a foundation council remains one of the most important issues in foundation law practice and is at the root of many conflicts in the Liechtenstein foundation landscape. This article seeks to contribute to a better understanding of the key principles of this topic by outlining some of the elements forming the very complex legal framework of Liechtenstein's laws of liability. A closer look at the more recent hot-button issues in light of the Supreme Court's case law reveals a multitude of legal issues ultimately rendering attempts by beneficiaries to hold the foundation council accountable an uphill battle.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":"56 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41304212","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}
Cheung Lai Mui v Cheung Wai Shing and Ors is a recent Hong Kong Court of Final Appeal judgment which concerns a family feud over the ownership of properties. In this article, we will focus on the part of the judgment which concerns the issue of equitable accounting. Although this judgment did not break new legal grounds, we believe that it has several important implications which warrant attention. We will first unpack and explain the judgment and supplement the discussions with the relevant legal principles and concepts. We will then discuss the judgment’s implications to cases involving equitable accounting and where courts are given the option to exercise wide, flexible discretionary powers.
{"title":"Maintaining constants amongst variable factors: the challenge of equitable accounting in the property context","authors":"Benny Chung, Thomas Yeon","doi":"10.1093/tandt/ttab060","DOIUrl":"https://doi.org/10.1093/tandt/ttab060","url":null,"abstract":"\u0000 Cheung Lai Mui v Cheung Wai Shing and Ors is a recent Hong Kong Court of Final Appeal judgment which concerns a family feud over the ownership of properties. In this article, we will focus on the part of the judgment which concerns the issue of equitable accounting. Although this judgment did not break new legal grounds, we believe that it has several important implications which warrant attention. We will first unpack and explain the judgment and supplement the discussions with the relevant legal principles and concepts. We will then discuss the judgment’s implications to cases involving equitable accounting and where courts are given the option to exercise wide, flexible discretionary powers.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42494166","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}
Following Target Holdings v Redferns and AIB v Mark Redler, it is now common theme that equitable compensation is underpinned by a compensatory mindset requiring but-for causation. This article argues that, despite criticisms that the compensatory reasoning does not sit well with the orthodoxy, the law has moved on. The traditional accounting mechanism should no longer be maintained since it could create unjust results. The better approach is to look at the obligation in question which, together with the underlying policy and the remedial goal, informs the proper remedy to a particular claim.
{"title":"In Defence of AIB v Mark Redler","authors":"A. Chan","doi":"10.1093/tandt/ttab045","DOIUrl":"https://doi.org/10.1093/tandt/ttab045","url":null,"abstract":"\u0000 Following Target Holdings v Redferns and AIB v Mark Redler, it is now common theme that equitable compensation is underpinned by a compensatory mindset requiring but-for causation. This article argues that, despite criticisms that the compensatory reasoning does not sit well with the orthodoxy, the law has moved on. The traditional accounting mechanism should no longer be maintained since it could create unjust results. The better approach is to look at the obligation in question which, together with the underlying policy and the remedial goal, informs the proper remedy to a particular claim.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48762722","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}
Searching for a comprehensive EU policy on preventing money laundering, terrorist financing and abuse of the international financial system will be a hot topic in the EU for the next couple of years. Directive (EU) 2018/843, known as the 5th Anti-Money Laundering Directive, follows the trend set by the 4th AML Directive in 2015 and inter alia introduces new requirements concerning the extent to which trust structures must be registered in the beneficial ownership registries across the EU as well as the public accessibility of the information held in such registries. This article addresses the main problematic issues that have appeared in recent professional discussions in the Czech Republic in connection with the new UBO Registry Act, in effect from 1 June 2021.
{"title":"Jurisdiction-specific section: Czech Republic","authors":"Kateřina Ronovská, V. Pihera","doi":"10.1093/tandt/ttab044","DOIUrl":"https://doi.org/10.1093/tandt/ttab044","url":null,"abstract":"\u0000 Searching for a comprehensive EU policy on preventing money laundering, terrorist financing and abuse of the international financial system will be a hot topic in the EU for the next couple of years. Directive (EU) 2018/843, known as the 5th Anti-Money Laundering Directive, follows the trend set by the 4th AML Directive in 2015 and inter alia introduces new requirements concerning the extent to which trust structures must be registered in the beneficial ownership registries across the EU as well as the public accessibility of the information held in such registries. This article addresses the main problematic issues that have appeared in recent professional discussions in the Czech Republic in connection with the new UBO Registry Act, in effect from 1 June 2021.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43781191","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}
This article seeks to explain the current doctrine of administrative unworkability as it applies to discretionary trusts in the context of English trust law with a view to identifying some of its problems and suggesting a reframing of the doctrine in terms of economic viability in the light of modern information technology.
{"title":"Re-thinking administrative unworkability in discretionary trusts","authors":"James P. Brown, M. Pawlowski","doi":"10.1093/tandt/ttab048","DOIUrl":"https://doi.org/10.1093/tandt/ttab048","url":null,"abstract":"\u0000 This article seeks to explain the current doctrine of administrative unworkability as it applies to discretionary trusts in the context of English trust law with a view to identifying some of its problems and suggesting a reframing of the doctrine in terms of economic viability in the light of modern information technology.","PeriodicalId":43396,"journal":{"name":"Trusts & Trustees","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42526963","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}
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