Tax Treaty Interpretation: The Limits of Fiction

In Fowler v HMRC [2020] UKSC 22, the Supreme Court determined that a statutory fiction created by a deeming provision of UK tax law did not affect how the terms of a bilateral tax treaty should be applied. In particular, the Supreme Court held that although the UK deeming provision in question applied to treat … Read more

APAC Monthly Private Wealth Legal Developments – May 2020

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more

HSF TRUST COMPANIES SURVEY – TAX INSIGHTS

We asked trust companies questions about the most significant risk and compliance issues they face. The respondents identified tax compliance issues as the fourth most significant challenge. The survey mapped which specific tax compliance issues trust companies struggled with the most. A fairly even share of the vote for most pressing issue (15-17%) was taken … Read more

Rapid resolution of domicile disputes: be careful what you wish for

In Henkes v HMRC [2020] UKFTT 7645 (“Henkes”), the First-tier (Tax) Tribunal (“the Tribunal”) held that (a) it could (and would) determine the taxpayer’s domicile status when determining an application for the closure of a domicile enquiry and (b) its determination of that issue would be binding in any substantive appeal against a subsequent tax … Read more

Trusts gains of foreign residents

In summary A recent Federal Court decision has put a major stumbling block in the path of non-resident beneficiaries of Australian discretionary trusts. The ongoing use of discretionary trusts for asset protection, flexibility and succession planning is now in jeopardy because of the unnecessary tax cost they create. In detail  It has long been a … Read more

Lloyd-Webber v HMRC: Music to off-plan investors’ ears?

In a decision that will be a welcome source of comfort for investors in potentially risky off-plan property developments, the First-tier Tribunal (Tax) (“FTT“) in Lloyd-Webber v HMRC [2019] UKFTT 717 (TC) has held that losses stemming from the purchase of property off-plan are allowable losses for the purposes of capital gains tax (“CGT“). Read more

APAC Monthly Private Wealth Legal Developments – December 2019

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more

APAC Monthly Private Wealth Legal Developments – November 2019

Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format.  The jurisdictions covered in the update are Hong Kong, … Read more