EDITORIAL: NIKI PATEL nikisha.patel@scottishwidows.co.uk
Having looked at the inheritance tax treatment when a discretionary trust is created and when capital appointments are made, moving another step on, I now focus on the tenth year anniversary charge known as the ‘periodic charge.’
DISCRETIONARY TRUSTS TEN YEARS ON…
WHAT IS A PERIODIC CHARGE AND WHEN DOES ONE ARISE?
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Are offshore trusts back on the agenda? A recent move by the Portuguese government surprised the expat community by declaring the immediate removal of 15 tax jurisdictions from their offshore black list. The fundamental reason for such a move was the signing of bilateral Tax Information Exchange Agreements (TIEA).
Portugal has now signed TIEAs with the following countries: Andorra, Antigua and Barbuda, Belize, Bermuda, British Virgin Islands, Dominica, States of Guernsey, Gibraltar, Cayman Islands, Isle of Man, Jersey, Liberia, Santa Lucia, St.
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Trusts have been a favourite vehicle in financial planning and asset protection for centuries. Tax mitigation is often the key element in setting up an offshore trust but they also offer many other benefits which you may not be aware of. They are very useful when it comes to the control and preservation of your wealth, for today and the future.
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