Zurich Vista - Plan for your future todaySofia Watson
Zurich Vista is a product of Zurich International Life, Vista is a regular savings life insurance policy that provides you with flexibility and access to a wide choice of investment linked policy sub-funds (ILP sub-funds). Subject to terms and conditions, you can stop, restart, increase or decrease premium payments to reflect your personal and professional circumstances at any time.
This document summarizes an investment opportunity in a Swedish listed property bond. The bond offers a minimum investment of £2,500 with an annual return of 8% paid out semi-annually. The bond is listed on a recognized stock exchange and can be held within several tax-efficient accounts. The company focuses on property development and acquisition projects in Stockholm worth £5-20 million. Experienced directors have over 30 years in real estate development. The investment aims to provide regular income with security through its exchange listing and experienced management team.
This document provides information about QROPS (Qualifying Recognized Overseas Pension Schemes), which allow individuals to transfer UK pensions to other jurisdictions when retiring abroad. Key points include:
- QROPS schemes must meet HMRC criteria to qualify, including being recognized in the country it is based.
- Transferring a UK pension to a QROPS offers benefits like greater investment freedom, tax efficiency, and ability to pass funds to beneficiaries.
- Individuals must be between 18-75 and have a substantial pension of at least £75,000 to qualify for a QROPS transfer.
- The deVere Group can provide advice on QROPS solutions and help
The "Step-By-Step Guide To Buying Property With A Self-Managed Super Fund" Sl...Sophie Paulin
Everything you need to know about your taking control of your superannuation and building a portfolio of one or more investment properties within super…
The document provides information about QROPS (Qualifying Recognized Overseas Pension Schemes), which allow individuals to transfer UK pensions to other jurisdictions when retiring abroad. A QROPS provides benefits like greater investment freedom, tax benefits, and the ability to pass pension funds to beneficiaries. The document outlines the eligibility requirements and benefits of transferring a UK pension to a QROPS scheme.
The document discusses Irish pensions and provides an overview of key points:
- Private pensions have become important due to the possibility that the future state pension may be reduced or abolished despite people living longer.
- Choosing the investment mix for a pension fund, such as cash, stocks, or bonds, has a fundamental effect on the fund's performance.
- Pension funds provide tax relief on contributions and profits are not subject to capital gains tax, allowing funds to compound faster.
- Benefits from pension funds can generally be taken between ages 60-75 but may be taken earlier in cases of incapacity.
This document provides information about an investment opportunity in a Nordic listed engineering bond. The bond offers a 7.5% annual return paid semi-annually and is listed on a recognized stock exchange. The issuing company aims to acquire financially strong Nordic engineering businesses to build a mini conglomerate and benefit from economies of scale. The bond provides investors with regular income from a diversified portfolio of mature engineering companies operating in non-cyclical sectors.
Zurich Vista - Plan for your future todaySofia Watson
Zurich Vista is a product of Zurich International Life, Vista is a regular savings life insurance policy that provides you with flexibility and access to a wide choice of investment linked policy sub-funds (ILP sub-funds). Subject to terms and conditions, you can stop, restart, increase or decrease premium payments to reflect your personal and professional circumstances at any time.
This document summarizes an investment opportunity in a Swedish listed property bond. The bond offers a minimum investment of £2,500 with an annual return of 8% paid out semi-annually. The bond is listed on a recognized stock exchange and can be held within several tax-efficient accounts. The company focuses on property development and acquisition projects in Stockholm worth £5-20 million. Experienced directors have over 30 years in real estate development. The investment aims to provide regular income with security through its exchange listing and experienced management team.
This document provides information about QROPS (Qualifying Recognized Overseas Pension Schemes), which allow individuals to transfer UK pensions to other jurisdictions when retiring abroad. Key points include:
- QROPS schemes must meet HMRC criteria to qualify, including being recognized in the country it is based.
- Transferring a UK pension to a QROPS offers benefits like greater investment freedom, tax efficiency, and ability to pass funds to beneficiaries.
- Individuals must be between 18-75 and have a substantial pension of at least £75,000 to qualify for a QROPS transfer.
- The deVere Group can provide advice on QROPS solutions and help
The "Step-By-Step Guide To Buying Property With A Self-Managed Super Fund" Sl...Sophie Paulin
Everything you need to know about your taking control of your superannuation and building a portfolio of one or more investment properties within super…
The document provides information about QROPS (Qualifying Recognized Overseas Pension Schemes), which allow individuals to transfer UK pensions to other jurisdictions when retiring abroad. A QROPS provides benefits like greater investment freedom, tax benefits, and the ability to pass pension funds to beneficiaries. The document outlines the eligibility requirements and benefits of transferring a UK pension to a QROPS scheme.
The document discusses Irish pensions and provides an overview of key points:
- Private pensions have become important due to the possibility that the future state pension may be reduced or abolished despite people living longer.
- Choosing the investment mix for a pension fund, such as cash, stocks, or bonds, has a fundamental effect on the fund's performance.
- Pension funds provide tax relief on contributions and profits are not subject to capital gains tax, allowing funds to compound faster.
- Benefits from pension funds can generally be taken between ages 60-75 but may be taken earlier in cases of incapacity.
This document provides information about an investment opportunity in a Nordic listed engineering bond. The bond offers a 7.5% annual return paid semi-annually and is listed on a recognized stock exchange. The issuing company aims to acquire financially strong Nordic engineering businesses to build a mini conglomerate and benefit from economies of scale. The bond provides investors with regular income from a diversified portfolio of mature engineering companies operating in non-cyclical sectors.
This document discusses captive insurance companies (CICs) which are insurance companies owned by businesses that provide self-insurance. It outlines how CICs are formed, regulated, operate, and the tax benefits they provide including deductible premiums payments and up to $1.2 million in untaxed premiums per year. It also discusses costs of setting up a CIC, exit strategies for owners, and other benefits like cost savings and flexibility.
Jersey is likely to see a raft of pension changes come into force in 2016, but that shouldn't stop people investing in a Self Invested Personal Pension (SIPP).
In fact, any changes that do occur in Jersey's pension marketplace are only likely to be more advantageous for SIPPs.
Cromwell Property Group has proposed a fully funded cash offer to acquire Investa Office Fund (IOF) for $4.55 per IOF unit. This represents an 11.9% premium to the previously recommended Dexus proposal. Cromwell is seeking due diligence access to develop a binding offer for IOF unitholders, as its proposal is superior to Dexus's in offering full cash consideration, a higher price, and no exclusivity or break fee requirements. However, IOF has denied Cromwell due diligence access despite Cromwell providing letters confirming funding support.
This document provides information on tax planning and saving strategies in India. It discusses reasons for taxes and how some try to avoid them through tax evasion or speculative investments. It then outlines several legal ways to save on taxes such as investing in insurances, stocks, retirement plans, and income from agriculture. Specific tax-saving investment options are explained, including life and health insurance policies, stocks like debentures and equity shares, retirement gratuities, and voluntary retirement schemes. The document aims to educate about tax obligations while also advising on tax-aware financial planning and investment approaches.
Smart money september october_2103_issue_singles_perOliver Taylor
Financial adviser client newsletters
Client-facing personalised newsletters are an exceptional and proven vehicle for strengthening relationships with clients. There has never been a more important time, especially during this current economic climate, for professional financial advisers to consider the benefits of using a newsletter to communicate with their clients or professional connections.
Client retention and the loss of hard-earned clients
In these post-RDR times, one of the biggest concerns facing many professional financial advisers is client retention and the loss of hard-earned clients to another competitor. To ensure that this doesn't happen to your business, our advice is that you need to do everything possible to stay engaged with your clients and keep reminding them about why they chose you in the first place.
You don't have to waste your valuable time
Goldmine Media do everything for you, so you don't have to waste your valuable time and effort putting your own newsletter together. We take care of the editorial and imagery selection, right through to the print and delivery to you, and can even post each copy directly to your clients with a covering marketing letter in a high-grade polywrap.
Personal finance subjects presented in a clear and engaging way
Our carefully designed newsletters feature your business name, logo (photograph if required), contact details and regulatory statement, and we present even the most complex of personal finance subjects to your clients in a clear and engaging way.
Newsletters are printed on superior-quality paper and are a perfect time-saving marketing channel that will enable professional financial advisers to deliver increased revenues for their business.
The document discusses Australia's Significant Investor Visa (SIV) program. The SIV program allows high net worth individuals to obtain a provisional visa by investing a minimum of $5 million AUD in eligible Australian investments. Eligible investments include government bonds, managed funds, and private companies. The provisional visa has an initial 4 year term and can be extended for up to 8 additional years. After the required residency period, individuals can apply for permanent residency. The document provides details on the SIV application process, eligible investment options, tax considerations, and contact information for an advisory firm that can assist with SIV applications and compliance.
Guernsey perspective for offshore investment and fund managementDVSResearchFoundatio
Guernsey is one of the Channel Islands in the English Channel near the French coast, and is a self-governing British Crown dependency. It is well-known for its Financial Sector and Tax Friendly regulatory system. In this webinar, we shall look at the overview of tax and regulatory system in Guernsey. In particular, we shall understand the benefits for Fund Management activities. We shall also look at relevant statistics relating to economy and demography of the Country.
This document provides summaries of deductions that can be claimed under Chapter VI-A of the Income Tax Act, specifically Sections 80C to 80U.
It summarizes 20 deductions that can be claimed under Section 80C for amounts paid towards life insurance, contributions to provident funds, tuition fees for children, home loans, equity investments, and more. Sections 80CCC and 80CCD provide deductions for contributions to pension plans. Section 80D allows deductions for medical insurance premiums paid. Section 80DD allows deductions for maintenance of a handicapped dependent.
Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction ELSS, FD, Term Insurance, Medical Insurance, PPF, Tax Saving Schemes, Saving taxes,
The 5-year expat master plan outlines how expats can accumulate wealth during a typical 5-year stint abroad through disciplined savings and investments. It recommends saving 10-20% of income each month and investing in offshore savings vehicles or bonds to earn higher returns than traditional bank accounts and benefit from tax advantages. Sticking to the plan for the full 5 years while avoiding lifestyle inflation is key to achieving meaningful savings goals before returning home or moving elsewhere. Proper tax planning is also important to avoid liabilities when repatriating accumulated wealth.
Financial learning for salaried employeesManoj Doshi
This document provides an overview of financial learnings for salaried employees, covering topics like liquid funds, alternatives to bank fixed deposits, the need for equity investment, the power of compounding, and the importance of starting to invest early. It discusses SIP (Systematic Investment Plan) as a way to invest in equity mutual funds regularly. SIP is presented as a solution to common reasons for not investing in equity like not having enough money or time. The document emphasizes starting to save and invest early for goals like children's education, marriage, home buying, and retirement. Compounding returns over long periods are illustrated through examples. Overall it promotes the benefits of regular investment in equity mutual funds through SIP for long-term wealth creation.
Changing Jobs? Take Your 401(k) and ... Roll It!Dolf Dunn
Dolf Dunn provides advice on options for 401(k) plans when changing jobs. There are two primary options: rolling over the funds to an IRA or to a new employer's 401(k) plan. Rolling over to an IRA provides more investment choices and flexibility to change providers, but a 401(k) may allow loans. Both options have advantages and the best choice depends on individual needs and priorities. The document provides details on factors to consider such as investment options, creditor protection, required minimum distributions, and rules for outstanding loans.
The document discusses investing for retirement during the "Retirement Red Zone", which refers to the period in retirement when investments are most vulnerable due to challenges like longevity, healthcare costs, pensions, and market volatility. It introduces a variable annuity product that offers lifetime guaranteed income as a solution to address these risks and help preserve savings. Key features highlighted include downside protection, upside potential, and guaranteed lifetime income without giving up control of savings.
A comprehensive overview of the QROPS services offered by Pryce Warner International Group.
http://www.prycewarner.com/pg-qrops-overseas-pensions-6.html
This document provides a summary of services offered by SP Financial related to superannuation, property investing, and financial planning. They specialize in self-managed superannuation funds (SMSFs) and assisting clients to purchase property within their SMSFs. Services include SMSF establishment and administration, property acquisition and management within SMSFs, borrowing arrangements, financial planning, and retirement planning strategies. The directors are Dylan Crowe and Jonathan McCullough.
The document provides an overview of financial planning topics including calculating net worth and cash flow, types of insurance, investing basics like diversification and dollar cost averaging, tax planning strategies, sources of retirement income, estate planning documents, and next steps for getting started with financial planning. The advisor, Kamal Wadhwa, offers these services through Ameriprise Financial in New Orleans to help clients chart a path to their financial future.
GAAR is a set of general rules enacted by countries to minimize tax avoidance through legal means. In India, GAAR allows tax authorities to levy tax on 'impermissible avoidance arrangements' that lack commercial purpose or involve abuse of law. If the Commissioner believes an arrangement violates GAAR, it is referred to an Approving Panel consisting of a High Court judge, senior tax official, and academic. The Panel examines the case and issues binding directions to the tax authorities within six months.
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
This document provides a guide to various tax saving investment instruments that offer low risk and high capital gains. It discusses the key features of tax free bonds, equity linked savings schemes (ELSS), Rajiv Gandhi equity savings scheme (RGESS), National Savings Certificates (NSC), Public Provident Fund (PPF), tax saver fixed deposits, life insurance, and health insurance. All of these instruments provide tax benefits under various sections of the Income Tax Act and allow investors to achieve their financial goals through long-term savings and investment.
Hedge Funds: Launching a Hedge Fund and reasons to go offshoreJonathan Buffa
The document discusses reasons why hedge fund managers may choose to set up offshore rather than domestic funds, including providing privacy to foreign and tax-exempt investors, avoiding unrelated business taxable income for tax-exempt investors, and taking advantage of jurisdictions like the British Virgin Islands which have regulations and tax policies favorable for hedge funds. The British Virgin Islands is highlighted as a popular location for hedge fund formation due to its regulatory framework, range of possible fund vehicles, and tax benefits.
El documento presenta un plan de clase para 6° grado sobre las relaciones del hombre. La clase analizará al ser humano como persona y su capacidad para relacionarse con los demás a través de representaciones gráficas y socialización, con el objetivo de construir una sociedad de hermandad basada en el amor, respeto, justicia y solidaridad.
El documento explica la formación del plural en sustantivos y adjetivos en español. Generalmente, los sustantivos y adjetivos terminados en -a, -o, -e, -i forman el plural añadiendo -s, mientras que los terminados en consonante añaden -es. Sin embargo, hay excepciones como los sustantivos acabados en -z que añaden -ces.
This document discusses captive insurance companies (CICs) which are insurance companies owned by businesses that provide self-insurance. It outlines how CICs are formed, regulated, operate, and the tax benefits they provide including deductible premiums payments and up to $1.2 million in untaxed premiums per year. It also discusses costs of setting up a CIC, exit strategies for owners, and other benefits like cost savings and flexibility.
Jersey is likely to see a raft of pension changes come into force in 2016, but that shouldn't stop people investing in a Self Invested Personal Pension (SIPP).
In fact, any changes that do occur in Jersey's pension marketplace are only likely to be more advantageous for SIPPs.
Cromwell Property Group has proposed a fully funded cash offer to acquire Investa Office Fund (IOF) for $4.55 per IOF unit. This represents an 11.9% premium to the previously recommended Dexus proposal. Cromwell is seeking due diligence access to develop a binding offer for IOF unitholders, as its proposal is superior to Dexus's in offering full cash consideration, a higher price, and no exclusivity or break fee requirements. However, IOF has denied Cromwell due diligence access despite Cromwell providing letters confirming funding support.
This document provides information on tax planning and saving strategies in India. It discusses reasons for taxes and how some try to avoid them through tax evasion or speculative investments. It then outlines several legal ways to save on taxes such as investing in insurances, stocks, retirement plans, and income from agriculture. Specific tax-saving investment options are explained, including life and health insurance policies, stocks like debentures and equity shares, retirement gratuities, and voluntary retirement schemes. The document aims to educate about tax obligations while also advising on tax-aware financial planning and investment approaches.
Smart money september october_2103_issue_singles_perOliver Taylor
Financial adviser client newsletters
Client-facing personalised newsletters are an exceptional and proven vehicle for strengthening relationships with clients. There has never been a more important time, especially during this current economic climate, for professional financial advisers to consider the benefits of using a newsletter to communicate with their clients or professional connections.
Client retention and the loss of hard-earned clients
In these post-RDR times, one of the biggest concerns facing many professional financial advisers is client retention and the loss of hard-earned clients to another competitor. To ensure that this doesn't happen to your business, our advice is that you need to do everything possible to stay engaged with your clients and keep reminding them about why they chose you in the first place.
You don't have to waste your valuable time
Goldmine Media do everything for you, so you don't have to waste your valuable time and effort putting your own newsletter together. We take care of the editorial and imagery selection, right through to the print and delivery to you, and can even post each copy directly to your clients with a covering marketing letter in a high-grade polywrap.
Personal finance subjects presented in a clear and engaging way
Our carefully designed newsletters feature your business name, logo (photograph if required), contact details and regulatory statement, and we present even the most complex of personal finance subjects to your clients in a clear and engaging way.
Newsletters are printed on superior-quality paper and are a perfect time-saving marketing channel that will enable professional financial advisers to deliver increased revenues for their business.
The document discusses Australia's Significant Investor Visa (SIV) program. The SIV program allows high net worth individuals to obtain a provisional visa by investing a minimum of $5 million AUD in eligible Australian investments. Eligible investments include government bonds, managed funds, and private companies. The provisional visa has an initial 4 year term and can be extended for up to 8 additional years. After the required residency period, individuals can apply for permanent residency. The document provides details on the SIV application process, eligible investment options, tax considerations, and contact information for an advisory firm that can assist with SIV applications and compliance.
Guernsey perspective for offshore investment and fund managementDVSResearchFoundatio
Guernsey is one of the Channel Islands in the English Channel near the French coast, and is a self-governing British Crown dependency. It is well-known for its Financial Sector and Tax Friendly regulatory system. In this webinar, we shall look at the overview of tax and regulatory system in Guernsey. In particular, we shall understand the benefits for Fund Management activities. We shall also look at relevant statistics relating to economy and demography of the Country.
This document provides summaries of deductions that can be claimed under Chapter VI-A of the Income Tax Act, specifically Sections 80C to 80U.
It summarizes 20 deductions that can be claimed under Section 80C for amounts paid towards life insurance, contributions to provident funds, tuition fees for children, home loans, equity investments, and more. Sections 80CCC and 80CCD provide deductions for contributions to pension plans. Section 80D allows deductions for medical insurance premiums paid. Section 80DD allows deductions for maintenance of a handicapped dependent.
Which are best tax saving options under section 80C of income tax act. What are various tax saving options .Which investments are allowed for 80C deduction ELSS, FD, Term Insurance, Medical Insurance, PPF, Tax Saving Schemes, Saving taxes,
The 5-year expat master plan outlines how expats can accumulate wealth during a typical 5-year stint abroad through disciplined savings and investments. It recommends saving 10-20% of income each month and investing in offshore savings vehicles or bonds to earn higher returns than traditional bank accounts and benefit from tax advantages. Sticking to the plan for the full 5 years while avoiding lifestyle inflation is key to achieving meaningful savings goals before returning home or moving elsewhere. Proper tax planning is also important to avoid liabilities when repatriating accumulated wealth.
Financial learning for salaried employeesManoj Doshi
This document provides an overview of financial learnings for salaried employees, covering topics like liquid funds, alternatives to bank fixed deposits, the need for equity investment, the power of compounding, and the importance of starting to invest early. It discusses SIP (Systematic Investment Plan) as a way to invest in equity mutual funds regularly. SIP is presented as a solution to common reasons for not investing in equity like not having enough money or time. The document emphasizes starting to save and invest early for goals like children's education, marriage, home buying, and retirement. Compounding returns over long periods are illustrated through examples. Overall it promotes the benefits of regular investment in equity mutual funds through SIP for long-term wealth creation.
Changing Jobs? Take Your 401(k) and ... Roll It!Dolf Dunn
Dolf Dunn provides advice on options for 401(k) plans when changing jobs. There are two primary options: rolling over the funds to an IRA or to a new employer's 401(k) plan. Rolling over to an IRA provides more investment choices and flexibility to change providers, but a 401(k) may allow loans. Both options have advantages and the best choice depends on individual needs and priorities. The document provides details on factors to consider such as investment options, creditor protection, required minimum distributions, and rules for outstanding loans.
The document discusses investing for retirement during the "Retirement Red Zone", which refers to the period in retirement when investments are most vulnerable due to challenges like longevity, healthcare costs, pensions, and market volatility. It introduces a variable annuity product that offers lifetime guaranteed income as a solution to address these risks and help preserve savings. Key features highlighted include downside protection, upside potential, and guaranteed lifetime income without giving up control of savings.
A comprehensive overview of the QROPS services offered by Pryce Warner International Group.
http://www.prycewarner.com/pg-qrops-overseas-pensions-6.html
This document provides a summary of services offered by SP Financial related to superannuation, property investing, and financial planning. They specialize in self-managed superannuation funds (SMSFs) and assisting clients to purchase property within their SMSFs. Services include SMSF establishment and administration, property acquisition and management within SMSFs, borrowing arrangements, financial planning, and retirement planning strategies. The directors are Dylan Crowe and Jonathan McCullough.
The document provides an overview of financial planning topics including calculating net worth and cash flow, types of insurance, investing basics like diversification and dollar cost averaging, tax planning strategies, sources of retirement income, estate planning documents, and next steps for getting started with financial planning. The advisor, Kamal Wadhwa, offers these services through Ameriprise Financial in New Orleans to help clients chart a path to their financial future.
GAAR is a set of general rules enacted by countries to minimize tax avoidance through legal means. In India, GAAR allows tax authorities to levy tax on 'impermissible avoidance arrangements' that lack commercial purpose or involve abuse of law. If the Commissioner believes an arrangement violates GAAR, it is referred to an Approving Panel consisting of a High Court judge, senior tax official, and academic. The Panel examines the case and issues binding directions to the tax authorities within six months.
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
This document provides a guide to various tax saving investment instruments that offer low risk and high capital gains. It discusses the key features of tax free bonds, equity linked savings schemes (ELSS), Rajiv Gandhi equity savings scheme (RGESS), National Savings Certificates (NSC), Public Provident Fund (PPF), tax saver fixed deposits, life insurance, and health insurance. All of these instruments provide tax benefits under various sections of the Income Tax Act and allow investors to achieve their financial goals through long-term savings and investment.
Hedge Funds: Launching a Hedge Fund and reasons to go offshoreJonathan Buffa
The document discusses reasons why hedge fund managers may choose to set up offshore rather than domestic funds, including providing privacy to foreign and tax-exempt investors, avoiding unrelated business taxable income for tax-exempt investors, and taking advantage of jurisdictions like the British Virgin Islands which have regulations and tax policies favorable for hedge funds. The British Virgin Islands is highlighted as a popular location for hedge fund formation due to its regulatory framework, range of possible fund vehicles, and tax benefits.
El documento presenta un plan de clase para 6° grado sobre las relaciones del hombre. La clase analizará al ser humano como persona y su capacidad para relacionarse con los demás a través de representaciones gráficas y socialización, con el objetivo de construir una sociedad de hermandad basada en el amor, respeto, justicia y solidaridad.
El documento explica la formación del plural en sustantivos y adjetivos en español. Generalmente, los sustantivos y adjetivos terminados en -a, -o, -e, -i forman el plural añadiendo -s, mientras que los terminados en consonante añaden -es. Sin embargo, hay excepciones como los sustantivos acabados en -z que añaden -ces.
Its aim is for businesses in developing countries to become more competitive in global markets, speeding economic development and contributing to the achievement of the UN’s (MDGs)
Contributing to poverty reduction by boosting trade is a key objective of ITC’s trade related technical assistance (TRTA). This is also the focus of the Aid for Trade agenda.
El documento describe las actividades de una persona durante un viaje. Se levantó tarde y viajó en autobús, luego se alojó en un hotel donde se duchó. Desayunó cereales y visitó monumentos, también compró una camiseta, montó a caballo, bailó en una discoteca y disfrutó del viaje.
El documento presenta el español como la segunda lengua más hablada como lengua materna y la tercera más hablada en general y en Internet. Explica que el español representa las culturas de países de Latinoamérica y España, donde se expresa a través de la música, literatura, folclore, comida, cine y estilo de vida. Finalmente, alienta el estudio del español para descubrir nuevos mundos representados por las diversas ciudades, tradiciones, paisajes, monumentos y folclores de los países hispanohablantes.
1. Deus enviou o maná e as codornizes para sustentar o seu povo no deserto. Elias foi sustentado por corvos no ribeiro de Querite e por uma viúva em Sarepta.
2. O mundo atual é caracterizado pelo antropocentrismo, relativismo e secularização.
3. Mesmo vivendo em um mundo em crise, podemos contar com a provisão de Deus.
This document summarizes the results of a study investigating the effects of ultra-fine materials on the workability and strength of concrete containing alkali-activated slag as the binder. It was found that:
1) Partial replacement of slag with ultra-fine fly ash improved workability but had similar strength development as ordinary portland cement concrete.
2) Partial replacement with condensed silica fume or ultra-fine slag showed significantly greater strength than alkali-activated slag concrete at ages greater than one day, though condensed silica fume reduced workability.
3) Of the mixes tested, concrete with partial replacement of slag with condensed silica fume achieved the highest compressive strength over 91 days of
Este documento resume la bachata como un ritmo musical originario de República Dominicana que es un híbrido de bolero rítmico, son cubano y merengue. Incluye secciones sobre exponentes famosos de bachata como Luis Vargas y Aventura, fotos de los exponentes, una descripción de la bachata como un baile sensual y romántico de parejas, imágenes de bailarines de bachata e instrumentos comúnmente usados como guitarra, maracas y bongos.
This document proposes a plan to improve mobility and accessibility in Bucharest by protecting sidewalks from car parking. The plan involves installing smart bollards on sidewalks to prevent cars from parking and building more smart parking garages in neighborhoods. This would clear sidewalks so that pedestrians can easily access bus stops, schools, and markets. Similar approaches in cities like Rome and Madrid solved the problem. The benefits would include improved walkability, reduced car ownership expenses, and encouragement of public transit use. Local businesses could help fund the bollards through advertising, and the city would provide land and partial funding for parking garages. This would create a more attractive, smart city that appeals to residents and investors.
Este manual orienta a comunicação visual da marca Braseiro de forma sistemática, garantindo sua representação convincente e atrativa. Ele define as cores, formatos e regras de uso da marca para assegurar sua legibilidade e integridade em diferentes aplicações e suportes.
Evaluation of concrete spall repairs by pullout testfrank collins
This document summarizes a study that evaluated concrete spall repairs using pullout tests. Concrete specimens were damaged via an initial pullout test, repaired with epoxy mortar, and subjected to a second pullout test. The tests showed that:
1) Pullout force of repaired specimens was linearly correlated with concrete cylinder compressive strength up to around 45 kN/2.26 MPa, but diminished at higher strengths.
2) Pullout force/stress of repaired specimens increased similarly to concrete specimens as age increased up to 90 days, but was lower than unrepaired concrete.
3) Higher initial pullout damage forces resulted in higher pullout forces for repaired specimens, up to around 43
Mundialización y uniformidad nuevos centros y periferiasyas_180794
La mundialización y la uniformidad pueden propagar aspectos de una cultura global pero también amenazan la identidad cultural local. El internet y la globalización 3.0 ayudan a difundir productos y mensajes culturales de forma masiva a nivel mundial. Sin embargo, es importante que los educadores guíen a los estudiantes a apreciar otras culturas manteniendo sus propias raíces. Además, la mundialización crea nuevos centros económicos y países periféricos, con desigualdades entre naciones desarrolladas y subdesarroll
Rafa Puerta Mejias es un famoso actor y jugador de baloncesto de 15 años nacido en L'Hospitalet de Llobregat que ha ganado dos Oscars y debutado en la NBA, y también es el multimillonario más joven del mundo con una fortuna de 3.000 millones de dólares. Actualmente cursa sus estudios secundarios en el instituto Mercè Rodoreda.
El documento describe el Malecón de Puerto Vallarta, un andador de aproximadamente un kilómetro a lo largo de la playa que es considerado el monumento histórico más importante para los residentes. A lo largo del Malecón se exhiben numerosas esculturas y manifestaciones artísticas de artistas locales y extranjeros. El Malecón es un popular destino turístico conocido por su ambiente cultural y artístico.
Este manual explica como configurar una centralita v3CX para una pequeña oficina con tres extensiones (1000, 1001 y 1002) y conectarla al servicio de netelip para realizar y recibir llamadas. Para más información regístrate en www.netelip.com
Back to basics Distributions from trustsPriya Dutta
Distributions from trusts may be subject to income tax or capital gains tax, depending on whether the trust is UK resident or offshore. For UK resident trusts, the tax treatment depends on the type of trust and whether it is settlor interested. Offshore trust distributions are taxed based on the source of income and whether the settlor or beneficiaries have an interest in the trust. Practitioners should understand the basic tax rules for trust distributions in order to advise clients correctly.
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Non uk domiciliaries tax reform approaching final formLee Stott
This document summarizes recent tax reforms in the UK that will affect non-UK domiciled individuals, or "non-doms". Key points include:
- Reforms will treat long-term UK residents and those born in the UK as UK domiciled from April 2017, ending access to the remittance basis of taxation.
- Transitional reliefs include rebasing foreign assets to April 2017 values and a two-year window to separate mixed funds.
- Protections are introduced for trusts settled by affected individuals before 2017, but gains will still be taxed if benefits are received by close family.
- Payments to non-UK resident beneficiaries will no longer offset trust gains, closing an avoidance opportunity
http://ekinsurance.com/financial/what-are-annuities/
Annuities can be a great way to make your money work, but many people may not understand the risks, rewards, or the workings of their annuities.
What are your rights when you're a beneficiary of a trust? What if you're NOT the trustee, but only the beneficiary, and you are having trouble getting information from the trustee. You see the trustee is responsible for administering the trust on behalf of the beneficiaries - not for themselves, unless the trustee also happens to be a (or one of) the beneficiaries too. Are they as beneficiary confusing their duty as trustee and vice versa.
This document discusses the tax treatment of onshore and offshore trusts under domestic and international tax laws. It provides an overview of the key concepts, including the definition and purposes of trusts. It explains how trusts are typically structured and the connecting factors that determine taxation, such as the location of the settlor, trustee, beneficiaries and assets. The document then summarizes the tax treatment of onshore and offshore trusts under the Indian Income Tax Act of 1961, including the taxability of public and private trusts on different types of income. Anti-avoidance provisions and the interaction of trusts with tax treaties are also briefly covered.
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The document provides information about trust services offered by Proteam Consulting including international financial planning, incorporation services, company management, and advice on trusts. It defines what a trust is, describes the typical parties involved like the settlor and beneficiaries, and outlines different types of trusts such as discretionary trusts and accumulation and maintenance trusts.
The document discusses the Deferred Sales Trust (DST) as a strategy for property owners to defer capital gains taxes when selling appreciated assets like real estate. The DST allows the seller to transfer ownership of the property to a trust in exchange for a promissory note, deferred the capital gains tax until payments on the note are received. The trust then sells the property and uses the proceeds to invest and make scheduled payments to the seller over time based on terms in the promissory note. This allows the seller to defer capital gains tax for years while maintaining access to the value of the property through the installment payments. Key benefits of a DST include tax deferral, estate tax benefits, maintaining family wealth, and providing retirement income
- The document discusses the Deferred Sales Trust (DST) as a way for property owners to defer capital gains taxes when selling appreciated assets like real estate or businesses.
- With a DST, the owner sells the property to a trust. The trust then pays the owner over time based on a payment contract rather than immediately. This allows the owner to defer capital gains taxes until payments are received.
- Benefits of a DST include tax deferral, potential estate tax benefits, maintaining family wealth by passing the trust principal to heirs, and providing estate liquidity by converting an illiquid asset into monthly payments.
The document discusses the Deferred Sales Trust (DST) as a strategy for property owners to defer capital gains taxes when selling appreciated assets like real estate. The DST allows the seller to transfer ownership of the property to a trust in exchange for a promissory note, deferred the capital gains tax until payments on the note are received. The trust then sells the property and uses the proceeds to invest and make scheduled payments to the seller over time based on terms in the promissory note. This allows the seller to defer capital gains tax for years while maintaining access to the value of the property through the installment payments. Key benefits of a DST include tax deferral, estate tax benefits, maintaining family wealth, and providing retirement income
- The document discusses the Deferred Sales Trust (DST) as a way for property owners to defer capital gains taxes when selling appreciated assets like real estate or businesses.
- With a DST, the owner sells the property to a trust. The trust then pays the owner over time based on a payment contract rather than immediately. This allows the owner to defer capital gains taxes until payments are received.
- Benefits of a DST include tax deferral, potential estate tax benefits, maintaining family wealth by passing the trust principal to heirs, and providing estate liquidity by converting an illiquid asset into monthly payments.
The document discusses the Deferred Sales Trust (DST) as a strategy for property owners to defer capital gains taxes when selling appreciated assets like real estate. The DST allows the seller to transfer ownership of the property to a trust in exchange for a promissory note, paid out over time. This defers capital gains taxes until payments are received. The trust then sells the property and uses the funds to make installment payments to the original owner. This converts their illiquid asset into a stream of income while legally deferring tax liability. Setting up a DST requires working with an approved trustee to establish payment terms tailored to the seller's needs and properly invest trust funds to ensure note obligations are met.
- The document discusses the Deferred Sales Trust (DST) as a way for property owners to defer capital gains taxes when selling appreciated assets like real estate or businesses.
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- Benefits of a DST include tax deferral, potential estate tax benefits, maintaining family wealth by passing the trust principal to heirs, and providing estate liquidity by converting an illiquid asset into monthly payments.
Square Mile Asset Management Limited is authorised and regulated by the Financial Services Authority. The document provides information about Individual Savings Accounts (ISAs) including what they are, the different types, contribution limits, tax advantages, and eligibility. It answers common questions about ISAs and explains how to use an ISA to shelter savings and investments from tax up to £11,520 in the current 2013/2014 tax year.
The article discusses investing for income and the different levels of risk individuals may be prepared to take. It outlines options ranging from low-risk cash savings to higher-risk equity and property investments. For low-risk investors looking for slightly higher returns than cash, it recommends fixed-interest accounts through bond funds which pay better interest rates than cash. Higher-risk options mentioned include corporate bonds, equity income funds, commercial property funds, and investment trusts which provide dividends but with greater potential for capital losses. The article stresses the importance of understanding one's goals and risk tolerance when investing for income.
This document provides an overview of deferred fixed interest and indexed annuities. It discusses how these annuities can help accumulate funds on a tax-deferred basis for retirement and overcome obstacles to retirement planning like a lack of savings discipline, taxes, inflation, and longevity. The document also explains how deferred annuities work during the accumulation and income phases, and the benefits of tax-deferred growth.
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Capital Punishment by Saif Javed (LLM)ppt.pptxOmGod1
This PowerPoint presentation, titled "Capital Punishment in India: Constitutionality and Rarest of Rare Principle," is a comprehensive exploration of the death penalty within the Indian criminal justice system. Authored by Saif Javed, an LL.M student specializing in Criminal Law and Criminology at Kazi Nazrul University, the presentation delves into the constitutional aspects and ethical debates surrounding capital punishment. It examines key legal provisions, significant case laws, and the specific categories of offenders excluded from the death penalty. The presentation also discusses recent recommendations by the Law Commission of India regarding the gradual abolishment of capital punishment, except for terrorism-related offenses. This detailed analysis aims to foster informed discussions on the future of the death penalty in India.
New Zealand Trusts and Double Taxation Agreements Trusts and Trustees - March 2014
1. New Zealand trusts and double
taxation agreements
Geoffrey Cone*
Abstract
For many years there have been a variety of
views expressed as to the ability of trustees to
obtain the benefits of double tax agreements.
Central to most analyses is a discussion of the
well known Canadian Crown Forest case. This arti-
cle sets out to analyse this and other cases, rulings
and commentaries, in the light of New Zealand tax
legislation. The answer lies, in part, in looking to
the type of trust under consideration, and it is
suggested that by approaching the problem from
this starting point, some clarity will be achieved.
New Zealand trusts
New Zealand has 38 Double Taxation Agreements.1
It also, at last count, is home to about four to five
hundred thousand domestic trusts2
and approxi-
mately seven and a half thousand foreign trusts.3
Domestic trusts are trusts with a New Zealand resi-
dent settlor and New Zealand assets; foreign trusts are
those with a settlor who is not resident in New
Zealand. The figures for domestic trusts cannot be
precise because under New Zealand law, only a trustee
which earns income must register with the New
Zealand Inland Revenue Department, and many
domestic trusts earn no income or are not liable to
taxes in New Zealand; large number of New Zealand
domestic trusts hold property only, for the purposes
of succession planning or asset protection, rather than
to produce or receive income. Reporting of capital
assets is not required because New Zealand has no
capital gains, capital transfer, or inheritance taxes.
There is no other requirement other than for tax
purposes to register a trust in New Zealand.
The majority of trusts in New Zealand, both foreign
and domestic, are discretionary, accumulating, trusts.
That is, they have a wide class of beneficiaries who
have no immediate right to trust capital or income,
and the trustee may accumulate the income for the
lifetime of the trust. If current reform proposals are
implemented,4
this accumulation period could be up
to 150 years. At present it is 80 years. In such cases it
is not possible, to establish to whom income or cap-
ital is to be paid immediately. This accounts in part,
for the income tax policy that applies to New Zealand
trusts.
Taxation of trusts in New Zealand
Trust income is taxed either as income of the trustee
(not the trust) or income of a beneficiary. The bene-
ficiary is only taxed if he or she has an immediate
*The writer would like to acknowledge the contribution of Martin Klevstul (mklevstul@conemarshall.com) to the case analysis on Prevost and Velcro decisions,
and the assistance of Claudia Chan (cshan@conemarshall.com).
1. List of Countries: Australia, Austria, Belgium, Canada, Chile, China, Czech Republic, Denmark, Fiji, Finland, India, Indonesia, Ireland, Italy, Japan, Korea,
Malaysia, Mexico, Netherlands, Norway, Philippines, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, and
United Kingdom, France, Germany, Hong Kong, Poland and United States of America.
2. Law Commission; Review of the Law of Trusts – August 2013, p 6.
3. Information supplied by New Zealand Inland Revenue Department.
4. Law Commission (n 2), p 16.
Trusts & Trustees, 2014 1
ß The Author (2014). Published by Oxford University Press. All rights reserved. doi:10.1093/tandt/ttu007
Trusts & Trustees Advance Access published March 19, 2014
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2. right to, or has received income. This is provided for
by subpart HC of the Income Tax Act 2007 (the
‘‘Act’’). To achieve this, the Act divides trusts into
three types: complying (or what we have called do-
mestic trusts, as above), non-complying trusts, and
foreign trusts5
that have also been defined above. A
non-complying trust is a foreign trust that has lost its
foreign status by the settlor’s assumption of New
Zealand tax residency, and whose trustee has not
declared the trust to be a domestic trust.6
All these trusts are classified according to their
nature at the time the trustee makes a distribution.
Therefore, a foreign trust is a trust which if at the time
of a distribution to a beneficiary has had no settlor
resident in New Zealand.7
Subpart HC also defines a charitable trust. This is a
trust where, in an income year, all income derived or
accumulated by the trust held for charitable purposes.
That income is defined as charitable income.8
As mentioned, trust income in respect of all of these
types of trusts is either beneficiary income or trustee
income. It is beneficiary income if there has been a
distribution or allocation of income to a beneficiary
or a beneficiary has an absolute right to income (this
is usually called a fixed trust). If this has not occurred,
then the income is trustee income.
From this analysis it is clear that where there is an
accumulating discretionary trust, where no income
has been distributed to a beneficiary in an income
year, that income can only be treated as taxable
income of the trustee. For this purpose the Act
makes no reference to the source of this income.
The critical point is that where income of whatever
origin is not beneficiary income, that is, income
which ‘vests absolutely in interest in a beneficiary’
or is ‘paid to a beneficiary of the trust’ in the
income year, it can only be income of the trustee.
Income of a discretionary
accumulating trust
For tax purposes it is important to more closely
define discretionary and accumulating trusts, as they
apply to income and capital held by the trustee. A
discretionary trust is a trust in which the trust instru-
ment provides that income may be distributed in the
amounts and proportions as determined by the trus-
tee, or some other person with that power, to a bene-
ficiary of the trust. The beneficiary who eventually
receives capital or income may not exist at the time
the trust is formed. Therefore the status of the trust
income will be determined year on year according to
the exercise, or not, of the powers of distribution. In
that sense a discretionary trust is the same as what is
called in the USA a complex trust, as the trustee may
determine whether to distribute or retain income.
A discretionary accumulation trust goes a step fur-
ther. In this trust, income may not only be distributed
in variable amounts amongst beneficiaries, it may be
retained by the trustee for an extended time also.
In New Zealand, this accumulation may continue
for up to 80 years,9
by which time the beneficiaries
as at the date of settlement may well be dead and
buried. Under proposals made by the New Zealand
Law Commission,10
this period could be extended to
150 years, by which all the natural persons mentioned
in the trust, even with the benefit of a fish and soy
diet, could no longer be on Earth. Consequently,
where there is a discretionary, and accumulating
trust, not only is it impossible to determine what
income or capital share a beneficiary will get at any
time, but the income could be retained by the trustee
for many years.
If these principles are applied to the tax analysis set
out above, then there may conceivably be no benefi-
5. S HC(1)(c) Income Tax Act 2007 (‘ITA’).
6. S HC9 ITA (this period runs from 17 December 1987).
7. S HC11 ITA.
8. S HC13 ITA.
9. Perpetuities Act 1964, s6.
10. ibid p 16, para 64.
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3. ciary income for three or more generations. The clear
consequence of this is that the undistributed income
earned by the trust can only be income of the trustee
for New Zealand tax purposes.
This is why the Act provides that ‘all trustees must
satisfy the income tax liability for their taxable income
as if they were an individual beneficially entitled to the
trustee income’11
for, in fact, there may not be any
other person who has the right to the income in any
tax year.
Exempt income
Not all income is taxable in New Zealand. Subpart
CW of the Act defines exempt income as non-taxable
in New Zealand; it is tautologically expressed to be
income that would other than by reason of the ex-
emption be taxable in New Zealand. This category
includes a wide variety of receipts: foreign sourced
income, foreign sourced dividends, special allowances
for certain entities, and certain types of trustees.
Specifically, section CW53 exempts distributions
from complying trusts, and section CW54 exempts
foreign sourced amounts received by a New Zealand
trustee of a foreign trust:
to the extent to which S HC26 . . . applies to a foreign
sourced amount that a trustee who is resident in New
Zealand derives in an income year, the amount is
exempt income.
In turn, subsection (1) of HC26 states that:
a foreign sourced amount that a New Zealand trustee
derives in an income year is exempt income under
S CW54 if no settlor of the trust is at any time in the
income year a New Zealand resident . . .
Without this exemption a trustee of a foreign trust
would pay tax on all foreign sourced income it
received.
The trustee must be resident in New Zealand.
A trustee resident in New Zealand for these purposes
is defined12
as a person (which includes a company)
who acts as a trustee of a foreign trust that is not
registered as a charitable entity, and is resident in
New Zealand. In the case of a company, residency is
achieved by incorporation in New Zealand.13
A nat-
ural person is a New Zealand resident if he or she is
resident, for tax purposes, in New Zealand.
The consequence of this is that when a New
Zealand resident trustee of an accumulating discre-
tionary foreign trust receives income from a non-
New Zealand source, that trustee is exempt from tax
on that income. In respect of other income, the trus-
tee remains taxable in New Zealand.
When will a trustee want to use a
DoubleTax Agreement?
We are now at the stage where we can deal with the
question of the rights of a New Zealand trustee of a
foreign trust to obtain Double Tax Agreement (DTA)
benefits. But first it is important to clear some
assumptions away.
1. This question can only arise in the case of a dis-
cretionary accumulating trust. Where there is a
fixed right to income or an income distribution
has been made, the trustee and therefore any treaty
partner must treat the income received from any
source as beneficiary income; it will be the bene-
ficiary’s tax position that is relevant. The benefi-
ciary will be the taxpayer, not the trustee.
2. There is no practical difference between a charit-
able trust and a foreign trust in this respect. Both
are given a tax exemption, in the same part of the
Act. In fact, the charitable trust that is settled by a
non-resident would get exemption on two
grounds, one by reason of its status as a foreign
trust, another by reason of its being a charitable
trust.
11. S HC24(1) ITA.
12. S33(1); Tax Administration Act 1994.
13. YD2(1)(a) ITA.
Trusts & Trustees, 2014 Article 3
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4. 3. Not all trustees of foreign trusts will be interested
in treaty relief. In fact there will be, in the writer’s
opinion, only a minority who will need to claim
treaty relief, and this is his experience in practice.
Most trustees of New Zealand foreign trusts do
not derive income from any source. The majority
simply hold capital assets, such as company
shares, and other assets that produce no taxation
in New Zealand. As such the majority of New
Zealand foreign trusts are holding assets as cus-
todial entities, used for asset protection and
succession planning: they are static structures
with no activity.
4. In practice, the income (if any) which will be
relevant will be dividends, royalties, and income.
5. Under the scheme of the Act, as seen above, if
there is no beneficiary income, the tax payer must
be considered to be the trustee, not the trust, for
the purposes of the DTA analysis, under New
Zealand law.
New Zealand’s DTAs
New Zealand’s DTAs are a mixed bag. The oldest dates
back to 1963 (Japan, now being renegotiated). Many of
its European DTAs were signed in 1976. The United
Kingdom Agreement was reputed signed during a con-
vivial evening at Annabels nightclub in London in
August 1983, by the then New Zealand Minister of
Finance. Most other agreements were signed in the
1970s and 1980s, many before the Organisation for
Economic Co-operation and Development
(‘‘OECD’’) began to develop its model treaties and
treaty and analyses. Not all follow the OECD model.
It follows that it is difficult to apply a standardized
analysis, especially where the view is clouded by rules
of practice, different understandings of Anglo-Saxon
trust law, an entirely different approach to legal own-
ership under civil law14
and local practice.
For instance, there are three aspects of New
Zealand’s DTAs that depart from the standard
OECD model.
1. The USA and Canadian DTAs explicitly recognize
trusts as a person (Articles 1(c) and 1(d)
respectively).
2. A qualification as to residency based on liability
to tax is not mentioned in the Australian,
Canadian, Fijian, Indonesian, Japanese,
Malaysian, Singaporean, Swedish, and UK treaties.
This is considered in the section following.
3. The Australian, Belgian, Canadian, Danish, Fijian,
Finnish, Korean, Malaysian, Norse, Singapore,
and Swedish treaties have a particular definition
of beneficial ownership by a trustee for the pur-
pose of taxation of dividends, royalties and
interest.
Residency under New Zealand’s DTAs
In most New Zealand treaties, residency is dealt with
by a clause based on the OECD model: Article 4(1):
For the purposes of this Convention, the term resident of
a Contracting State: means any person who, under the
laws of that State, is liable to tax therein by reason of his
domicile residence . . . etc.
In some cases (excluding the treaties in mentioned
paragraph 2) this is followed by the following
qualification:
But this term does not include any person who is liable
to tax in that State in respect only of income from
sources in that State, or capital situated therein
In all cases the qualification of residency for the
purposes of a treaty will be determined by the other
14. Cone: Common law trusts by persons based in civil jurisdictions: does New Zealand offer a solution? Trust and Trustees, Vol 16, No 3, April 2010, p 177.
4 Article Trusts & Trustees, 2014
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5. contracting State. However, the Article in all cases still
requires that State to give consideration to the pos-
ition under New Zealand law, which is why the pre-
ceding analysis of the New Zealand tax treatments of
trusts was considered.
Subject to any variation under any treaty it is clear
that whether or not the second qualification is
included, Article 4(1) requires the trustee to be resi-
dent for tax purposes according to New Zealand law.
A New Zealand corporate trustee, or a New Zealand
resident person who acts as a trustee, clearly is. This is
re-emphasized by the provisions of S HC26, where,
for the section to apply (as compared with the pre-
ceding section HC25, which defines non-resident
trustees) the trustee must be resident in
New Zealand. The fact that the trustee is relieved
from liability for tax on one stream of income, in
common with many other New Zealand tax payers
who get similar exemptions under subpart CX, does
not alter this primary point.
However, simple residence does not give a complete
answer. The question is also as to the trustee’s liability
to tax in New Zealand. As we have seen a trustee of a
discretionary accumulating trust, which retains
income, is, under New Zealand law, liable to tax in
New Zealand, as the beneficial owner. Against this it
may be said that if it receives some income that is
exempt from tax under New Zealand law, so this will
disqualify it from treaty benefits. But, the conse-
quence of this is that if any part of its income is
exempt, it is disqualified in respect of all income.
The result of this interpretation is that all New
Zealand residents would be treated as non-resident
for all treaty purposes as they do not qualify for
relief because a part of their income is exempt. This
is an extreme and seemingly anomalous result espe-
cially given the examples of exempt income that apply
in New Zealand. The conclusion is echoed in the
OECD’s Official Commentary to Article 4 of its
1992 Model Tax Treaty where it is stated15
that to
adopt a restrictive interpretation of Article 4(1)
might ‘exclude from the scope of the Convention all
residents of countries adopting a territorial principle
in their taxation, a result which is clearly not in-
tended’. This interpretation is supported by Vogel,16
and Baker.17
Prebble is of the view that:18
Article 4(1)(a) does not focus on particular income
streams, treating a tax person as resident in respect of
one income stream and not in respect of the other.
In support of this paragraph 8.6 of the 2002 OECD
Commentary states19
:
In many States, a person is considered liable to compre-
hensive taxation even if the Contracting State does not
in fact impose tax. For example, pension funds, charities
and other organisations may be exempted from tax. But
they are exempt only if they meet all the requirements
for exemption specified in the tax laws. They are, thus,
subject to the tax law of a Contracting State.
Furthermore, if they do not meet the standards specified,
they are also required to pay tax.
In the light of all of this authority the decision in
Crown Forest Industries Ltd v Canada,20
which is often
cited in support of the opposite interpretation that
only full tax liability will satisfy the test for residency
under a DTA, deserves consideration.
This case concerned payments to a company called
Norsk Pacific Steamship Company (‘Norsk’) which
operated a business in the USA. If Norsk was treated
as a US resident, it would get the benefit of the
US/Canada DTA, and the withholding tax on the
payments would be reduced from 25 per cent to
10 per cent.
The appellant, who made the payments, argued that
Norsk was resident in the USA. In this case the
15. OECD Commentary on Model Tax Countries 1992, p 4–4.
16. Vogel on Double Taxation Conventions, 3rd edn 20, 1997, art 4 para 31, pp 233–34.
17. P Baker, Double Taxation Conventions and International Tax Law (2nd, edn, Sweet & Maxwell 2012) p 4–2/3.
18. J Prebble, ‘Trusts and Double Taxation Agreements’ eJournal of Tax Research, Vol 2, No. 2, 2004 at p 196–97.
19. ibid 196–97.
20. [1995] 2 S.C.R. 802.
Trusts & Trustees, 2014 Article 5
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6. residency was predicated not on physical residency, as
Norsk was a Bahamian company, but on a notional
residency on the basis that its place of business and
management was in the USA. The courts at first and
second instance held (subject to one dissenting judg-
ment) that this was enough. However, in the Supreme
Court, Iacobucci J noted that the residency Article of
the DTA, IV(i), did not refer to a trade or business
being conducted in the USA and therefore was not a
factor in which the appellant could rely. That left the
appellant with the argument that the place of man-
agement of Norsk was the relevant factor. Iacobucci J
went on to say that in addition to that ground, there
must be ‘the existence of some causal connection’21
and that Norsk’s place of management was not
‘causally or even proximately connected to the basis
of Norsk’s tax liability in the US’.22
It was because
only income flowing from the business was connected
to the USA, rather than its subjection to the US tax
system by reason of its residency. So, the court held
that referring to the place of management (along with
other factors), elevated ‘a factor used in determining
its tax liability into the actual grounds for that tax
liability’ (Court’s emphasis).23
At this point the essential ground of the Supreme
Court’s decision is clear. There was a conflation by
the lower courts of the test for residence by reason of
having a place of business, or a place of management
in the US, the former being irrelevant, and the latter
being for the purpose of assessing tax, not for deter-
mining residency.
However, the court then went on to distinguish
between full tax liability, and partial tax liability,
and not being ‘liable to taxation on some portion of
income’.24
The argument here related only to source
liability, and so could be said to have the same ra-
tionale as had already been identified, and this is
supported by the court’s words when it says that
what is required for treaty benefits is exposure to
such ‘comprehensive a tax liability as is imposed by
a state’.25
It may have been the result of the argu-
ment made by the US Government as intervener
which lead to the reasonable view expressed by the
court that:
the goal of the Convention is not to permit companies
incorporated in a third party country (Bahamas) to
benefit from reduced tax liability merely by virtue of
dealing with a Canadian company through an office
situated in the United States26
nor did the court think it was intended that a foreign
corporation would obtain the benefit of the DTA only
on income effectively connected with the USA.
The important point to note is that the Supreme
Court of Canada’s judgment recognize that, when
dealing with residence clauses similar to Article 4(1)
of the OECD Model, the focus should be the treat-
ment of the taxpayer in question, as opposed to treat-
ment of the various streams of income received by
that person. The point of that analysis is that the
criteria for the foundation of residence are concerned
with facts about the taxpayer, not its income.
However the Supreme Court further states at para-
graph 58; ‘Full tax liability is not satisfied in a case
where an entity is liable to tax in a jurisdiction only on
a part of its income.’27
[Emphasis added]. This is the
passage usually referred to by commentators.
Nevertheless, it is important to note that the court
would have taken a different approach if the company
had been incorporated in the USA:
I see nothing fundamentally unjust with the situation
where, owing to the nature of US tax legislation, the
21. ibid 815.
22. ibid.
23. ibid 817.
24. ibid p 821.
25. ibid.
26. ibid p 825.
27. ibid p 829.
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7. Convention would be limited to those who actually
incorporated in the U.S.28
It is submitted therefore that the Supreme Court’s
decision is not irreconcilable with the position out-
lined in this article, as it is not crucial to the Supreme
Court’s position to interpret ‘full tax liability’ as
meaning ‘not eligible for any exemptions’.
The position taken by the Court was in fact that a
non-resident company that is partially taxable in a
country cannot take DTA benefits. This is quite dif-
ferent from saying that a company incorporated in a
country which has a DTA with another country,
cannot get the benefit of the DTA because it may
obtain a tax exemption on part of its income in its
country of residence.
Further the Supreme Court’s objection to Norsk
being eligible to be treated as a resident under the
U.S./Canada DTA was that they saw Norsk as part
of a ‘treaty shopping’ scheme. As the Court states:29
The goal of the Convention is not to permit compa-
nies incorporated in a third party country (the
Bahamas) to benefit from a reduced tax liability on
source income merely by virtue of dealing with a
Canadian company through an office situated in the
United States . . . It seems to me that both Norsk and
the respondent are seeking to minimise their tax
liability by picking and choosing the international
tax regimes most immediately beneficial to them.
Certainly Avery Jones, in his seminal article on this
topic30
argues that the point is that where a person’s
connecting characteristics with a state (ie residing) are
the same as those of persons fully liable and actually
subject to tax, the former can be said to be liable to
tax even though he may not be subject to tax as a
result of some special domestic provision.31
This is
consistent with what appears to be the rationale of
Crown Forest. This would also seem to be consistent
with the scheme and tax treatment relating to trustees
of foreign trusts under the Act: in other words, in the
case of a discretionary and accumulating trust, the
trustee is treated as liable to tax in respect of all
income received, whether exempt or not, unless the
income has been passed to a beneficiary in the rele-
vant income year.
The pass through argument
As shown above a discretionary accumulating trust
it is possible that income distributions could be with-
held by the trustee for a considerable time in
New Zealand—at this point up to 80 years.
It has already been mentioned that a discretionary
and an accumulating trust is similar to a complex
trust under the law of the USA. In an instructive art-
icle published in 2006, Yutaka Kitamana considers
the use of Japanese trusts in planning using the
2004 Japan-US Double Tax Agreement.32
In consider-
ing Article 4(6) of that treaty, the author notes that
where an entity is categorized differently by the re-
spective treaty partners, the income will be treated as
the income of the beneficial members or participants
in the entity accordingly to the law of its state of
residence, in common with almost all other DTAs.
He notes that according to the technical US explan-
ation by Department of Treasury of the DTA33
an
entity:
not treated as a fiscally transparent entity under the
tax laws of the other Contracting State, generally will
be eligible for the benefits of the Convention only if
the entity is a resident of the Contracting State.
28. ibid p 832.
29. ibid 825.
30. The Treatment of Trusts under the OECD Model Convention (1989) BTR, 41, 65.
31. ibid 66.
32. The Application of the Japan – US Tax Treaty to Trusts Tax Notes International, February 2006, p 577.
33. U.S. Department of the Treasury Technical Explanation of the Convention between the Government of the United States of America and the Government of
Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains, signed at Washington on
November 6, 2005, at 1 (Feb.24, 2004), 2004 WTD 39-11, Doc 2004-4036, at p 16.
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8. This technical explanation goes on to state that fis-
cally transparent entities:
are entities the income of which is taxed at the bene-
ficiary, member or participant level. Entities that are
subject to tax, but with respect to which tax may
be relieved under an integrated system, are not con-
sidered fiscally transparent entities.34
This analysis follows the same threads of logic set
out above, whereby:
a. Income which is passed to the beneficiary is not
trustee income; and
b. Income which is partially exempt in the recipient
country where the trustee is resident, will not
disqualify the trustee from treaty benefits.
The author then expands on the difference between
complex and simple trusts under US law. He defines
complex trusts as trusts ‘that allow the trustees to
accumulate income, and permit or direct them to
make distributions in excess of current income’.35
Accordingly, undistributed income held by a complex
trust is treated as income of that entity. Therefore, an
Exceptional Trust in Japan—a trust in which income
is not taxed until it is distributed to the beneficiaries36
is considered to be a non-transparent entity.
The author then raises the question as to whether
the trustees of Exceptional Trusts in Japan fall within
the residency qualifications of the treaty. In dealing
with this point he refers to the OECD 2005
Commentary on the Convention quoted above, and
cited in the Crown Forest case.37
Consequently, he considers that an Exceptional
Trust in Japan, because it is a ‘complex’ trust will
obtain the benefits of the Japan/US DTA.
This view is not shared by the Australian Tax Office
(‘‘ATO’’) in respect of the New Zealand/Australia
DTA. In its Ruling TR2004/D24 it argues that38
there are parallels between:
conduit companies and treatment of these [foreign
trusts] in New Zealand. In both cases foreign income
may follow through the vehicle to foreign owners
through an entity that is not taxed in the jurisdiction.
Therefore, they conclude it is within the wording
and spirit of Article 4(2) of the Australia New Zealand
DTA (reproduced below)39
to disallow trustees of
New Zealand foreign trusts from treaty benefits.
There are a number of problems with this
interpretation:
1. It does not identify a discretionary accumulating,
or complex trust, in which income will not be
passed through as in a conduit, to a trust whose
income will pass through directly to the bene-
ficiaries.40
There is a great conceptual difference
between a conduit company and a discretionary
accumulating trust, let alone a foreign trust in
which the beneficiary have an immediate right
to income. In fact, the ATOs concern could be
easily met by recognizing that income passed to
34. ibid.
35. ibid p 583.
36. ibid p 586, col 2.
37. Foot note 19.
38. para 77.
39. Where by reason of the provisions of paragraph 1 an individual is a resident of both Contracting States, then their status shall be determined as follows:
a. the individual shall be deemed to be a resident only of the State in which a permanent home is available to that individual; but if a permanent home is
available in both States, or in neither of them, that individual shall be deemed to be a resident only of the State with which the individual’s personal
and economic relations are closer (centre of vital interests);
b. if the State in which the centre of vital interests is situated cannot be determined, the individual shall be deemed to be a resident only of the State in
which that individual has an habitual abode;
c. if the individual has an habitual abode in both States or in neither of them, the individual shall be deemed to be a resident only of the State of which
that individual is a national.
40. See eg Prebble (n 18) p 192.
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9. trust beneficiaries, had to be considered, under
the DTA, by reference to the tax status of the
beneficiary.
2. There is no real argument that if a trust is trans-
parent, as in a conduit, the treaty relief will depend
on the status of the recipients of the income, and
this accepted by most commentators.
3. The purpose of the ruling is to prevent abuse of
the Australian tax system, which the Ruling itself
agrees is the fundamental problem, and this can
be achieved without a forced interpretation of the
New Zealand law, and the DTA.
4. The consequence of the analysis would seem to
deprive any entity that may have a partial tax ex-
emption in New Zealand from treaty benefits. This
seems to be contrary to the OECD’s interpretation.
Beneficialownership and DTAs
Section HC24(1) of the Act states that a trustee is to
be treated as an individual beneficially entitled to the
trustee (not beneficiary) income.
Some of New Zealand’s DTAs41
use the words
‘beneficial owner’ in determining whether treaty
relief can be obtained in respect of royalties, dividends
or interest. However, the question as to whether in
the absence of such wording, trustees can be treated as
beneficial owners, for treaty purposes, is of greater
importance.
There is ample authority to support this, in the
context of accumulating discretionary trusts.
In Vogel, Double Taxation Conventions42
it is
stated in relation to a beneficial owner that the bene-
ficial owner is he who is free to decide:
1. whether or not the capital or other assets should
be used or made available for the use by others or
2. on how the yields therefrom should be used; or
3. both.
Clearly a complex trust that is not discretionary and
is fixed will result in the trustee not being the bene-
ficial owner of the income, as the income passes auto-
matically to the beneficiaries. This is consistent with
New Zealand tax law and results in the taxation li-
ability falling on the recipient beneficiary. As stated in
Butterworth’s Law of Trusts43
relative to a discretion-
ary trust:
the trustees may thus have the power to decide who
shall benefit and what the benefits shall be. A potential
beneficiary cannot be said to be the owner of an equit-
able interest until the trustees exercise their discretion
in his favour.
Consequently the trustee may be treated as the
beneficial owner.
Baker, Double Taxation Conventions44
notes that:
the essential issue here is whether the trustee is in receipt
of dividends, interests or royalties is the beneficial owner.
The view taken elsewhere [in the text] is that the term
beneficial owner should not be given the technical mean-
ing it has in some common law jurisdictions, but should
be given a broader treaty meaning. Thus a trustee (other
than the one who is obliged to pay directly to a benefi-
ciary) should be regarded a beneficial owner.
In fact, in civil law jurisdictions that have not
adopted the Hague Convention on the Recognition
of Trusts, the lack of a concept of trust may reinforce
that position as the country will have no choice, if it
does not recognize the beneficial ownership, by
reason of the existence of a trust but to recognize
the trustee as the absolute owner.
It therefore seems hard to argue that where there is
a fully discretionary accumulating trust, which has
broad powers of appointment in respect of income
and capital, that there can be any answer other than
that the income flowing from the trust assets is
41. See n 3 above.
42. Vogel, Double Taxation Conventions (3rd edn) p 562.
43. Butterworth’s Law of Trusts, 1st edn, p 108.
44. Baker, Double Taxation Conventions (5th edn) para 1B.23.
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10. beneficially owned by the trustee, as it is otherwise
impossible to determine who the beneficial owner
will be.
The Prevost and Velcro decisions
Support for the position that the trustee of a discre-
tionary accumulating trust is the beneficial owner of
its income for treaty purposes can also be derived
from two recent Canadian cases: (i) Her Majesty the
Queen v Pre´vost Car Inc [2010] 2 FCR 65, a 2009
decision of the Federal Court of Appeal (FCA), and;
(ii) Velcro Canada Inc v Her Majesty the Queen [2012]
CTC 2029, a 2011 decision of the Tax Court of
Canada (TCC). These cases deal with companies,
but the analysis is equally applicable to trusts.
Pre´vost was an appeal by the Canadian Revenue
Authority (CRA) against a decision by the TCC.
The structure at issue involved a Canadian operating
company which was 100% owned by a Dutch holding
company. The Dutch company was in turn held by a
Swedish and a UK company in more or less equal
shares. At issue was the question whether or not the
dividends paid by the Canadian company to the
Dutch company were eligible for the reduced rate
of non-resident withholding tax available under the
Canada/Netherlands DTA.
The CRA argued that the Dutch company was not
the beneficial owner of the dividends, and therefore the
dividend payments were not eligible for treaty benefits.
The Crown’s argument was based on a shareholders’
agreement, the effect of which was that the Dutch com-
pany would customarily remit around 80 per cent of
the dividend payments to the Swedish and the UK
company. The CRA’s position was essentially that the
Dutch company was a conduit, and the ultimate bene-
ficial owners of the dividends paid by the Canadian
company were the Swedish and the UK company.
That position was rejected at first instance, and also
failed to convince the Federal Court of Appeal upon
review. In line with the Supreme Court’s judgment in
Crown Forest, the Federal Court referred to the
Commentaries on the OECD Model Convention,
and the 1986 OECD Conduit Companies Report as
resources for interpreting the provisions of bilateral
tax treaties. In light of the Commentaries and the
Report, the Federal Court accepted the reasoning of
the TCC that:
When corporate entities are concerned, one does not
pierce the corporate veil unless the corporation is a
conduit for another person and has absolutely no dis-
cretion as to the use or application of funds put
through it as a conduit.45
Consequently, as the Federal Court found no evi-
dence that the Dutch company held the shares in the
Canadian company on somebody else’s account, and
was not otherwise under any legal obligation to remit
the dividend payments to the Swedish and the UK
company, it was the beneficial owner of those divi-
dends, and was thus entitled to benefit from a
reduced rate of withholding tax in accordance with
the Canada/Netherlands DTA.
In essence the Federal Court’s position was that the
Dutch company was the owner of the funds flowing
from the Canadian company until such time as it
declared a dividend in favour of the Swedish and
UK companies. Whether or not it declared a dividend
was a matter entirely within the discretion of the
Dutch Company, so it could not be said that it
had46
‘absolutely no discretion as to the use or appli-
cation of the funds put through it’. The analogies with
the position of a trustee in relation to a discretionary
accumulating trust are self-evident.
The Velcro case involved a more complex structure.
Velcro Canada manufactured fastening products for
the auto industry. It used the Velcro trademark under
license from a Dutch company (‘Company A’) and
paid royalties to that company. Under the Canada/
Netherlands DTA, those royalties were subject to a
reduced rate of non-resident withholding tax.
45. Queen v Prevost Car Inc [2010] 2 F.C.R. 65 p 31.
46. ibid 45 p 31, para 100.
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11. In 1997, the Velcro group reorganized its corporate
structure. As part of that restructuring, Company A
was migrated to the Netherlands Antilles. As Canada
and the Netherlands Antilles do not have a DTA,
there was an assignment of Company A’s rights
under the licensing agreement to another Dutch com-
pany (‘Company B’). As part of the assignment
agreement Company A was explicitly recognized as
a third-party beneficiary with the right to enforce
Company B’s rights under the agreement against
Velcro Canada. The agreement also required
Company B to remit an amount equivalent to a
fixed percentage of the royalty stream to Company A.
The CRA argued that, as the assignment agreement
required Company B to pay what amounted to a per-
centage of the royalties to Company A, Company B
was therefore a mere conduit for Company A,
and had47
‘absolutely no discretion as to the use or
application of the funds put through it as a conduit’.
Consequently, Company B could not be said to be
the beneficial owner of the royalties for the pur-
poses of the DTA, and as a result was not entitled
to benefit from a reduced rate of non-resident with-
holding tax.
The Tax Court of Canada, in rejecting the CRA’s
argument, relied heavily on the FCA’s decision in
Pre´vost, but also gave a much more nuanced approach
to the central issues addressed in that case. The court
identified out four separate strands to the concept of
beneficial ownership for DTA purposes: (a) posses-
sion; (b) use; (c) risk, and; (d) control. It analysed
each of those elements in turn, and found that
Company B had possession, use and control of the
royalties, and bore them at its own risk. Therefore, the
court concluded that Company B was the beneficial
owner of the royalties.
Amongst the key facts that the court identified
were:
1. Company B was in receipt of multiple royalty
streams, not just from Velcro Canada, all of
which were co-mingled in Company B’s bank
accounts.
2. Company B had exclusive possession and control
of its bank accounts.
3. Company B used the monies in its accounts for
various purposes other than making payments to
Company A. For example, it paid its telephone
bills, professional fees and interest on loans that it
had taken out.
4. Company B’s bank account bore interest. That
interest was the exclusive property of Company B.
5. Company B would convert the royalties, which
were received in Canadian dollars, to either US
dollars or Euros for payments to Company A and
its other creditors.
6. Company B bore the foreign exchange risks on
those conversions exclusively, and was not pro-
tected by an indemnity from any other party in
that regard.
However, the single most important factor in the
decision was that, despite the fact that Company B:48
did have an obligation to pay a certain amount of
money to [Company A] which was equivalent to 90%
of the royalties received. The funds paid were not
necessarily the same funds as the royalty payments
received because the original payments were co-mingled
with the other assets of [Company B] . . . These monies
are not necessarily defined as specific monies, they may
be identified as a percentage of a certain amount. . . but
there is no automated flow of specific monies because of
the discretion of [Company B] with respect to the use of
these monies.
So, again, we can see that the discretion of the
holder of the funds in question is the key factor in
determining whether or not that person is the bene-
ficial owner of those funds for DTA purposes.
Velcro sets a low threshold for the degree of discre-
tion required. If even the fairly minimal level of
47. Velcro Canada Inv v Her Majesty the Queen [2012] CTC 2029 p 9, para 24.
48. ibid 47 p 24, para 44 and 45.
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12. discretion at evidence in Velcro was sufficient to sat-
isfy the test for beneficial ownership under a bilateral
tax treaty, then the much greater degree of discretion
which the trustee of a discretionary accumulating
trust has in regard to the trust fund must be more
than sufficient. There must therefore be a strong ar-
gument that the trustee of a discretionary accumulat-
ing trust will be treated as a beneficial owner for the
purposes of a DTA.
Conclusion
In an article published in Trusts and Trustees in
2012,49
Beckham & Elliffe took a different view.
Apart from erroneously describing New Zealand as
a tax haven, which is contrary to anything like the
generally accepted, or the OECD definitions, of ‘tax
haven’,50
the authors argue that a state of source
could legitimately disregard the domestic residency
of a New Zealand trustee (although it is not made
clear whether this would only refer to a foreign
trust, or any trustee that derived exempt income).51
The possibility that a source country may take
that view as to a foreign trust, is of course always
open.
However, it is submitted that where this trust is a
discretionary accumulating trust, this argument may
be more difficult to sustain. The learned authors refer
to the OECD 1987 conduit company report and the
reasoning of the ATO, but this can only apply where
there are truly pass through qualities to the trust,
which have always been seen in a different light to
trusts that do not distribute income. Where these
facts do not appear, the arguments we have seen in
Velcro and Pre´vost are more likely to apply. The
Crown Forest case, which is referred to in some
detail by the learned authors, in fact applies to a dif-
ferent set of facts, and on the essential ground that it’s
activities did not fall within the requirements for
physical residency under the Canada/US DTA.
Ultimately, in the words of Professor John Prebble52
‘it is possible that the drafters of the OECD Model
intended that trustees should never qualify for treaty
benefits; but that conclusion is implausible’.
Geoffrey Cone graduated from the Universities of Canterbury and Otago with LLB and a post graduate diploma
honours in tax and trust law. He commenced practise in 1980 in Auckland, New Zealand, then moved to
Christchurch where he was a partner and the Chairman of Partners in a leading law firm. There he practised in
commercial litigation as well as tax and trust advisory work and appeared in the courts at all levels as
leading counsel, including the Privy Council. After working in the British West Indies as a litigator for
2 years he returned to practise in 1997 in Auckland, following which he established his own practice in 1999.
His firm, Cone Marshall Limited, is the only New Zealand law firm to specialize exclusively in international trust
and tax planning, and it provides trustee and trust management services through its affiliated companies.
E-mail: gcone@conemarshall.com.
49. Vol 18, Issue 9, October 2012, 833.
50. ibid p 834.
51. ibid p 205.
52. See Prebble (n 18) p 205.
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