Wills & Trusts Law Reports | January/February 2014 #136David King, a South African businessman, is the owner of Ben Nevis, a company incorporated in the British Virgin Islands. Following various hearings and appeals, Ben Nevis was found liable to the Commissioner for the South Africa Revenue Service (SARS) for taxes of Rand 2.6bn (approximately £222m) for the 1998, 1999 and 2000 tax years. In March 2011 judgment was entered against Ben Nevis in South Africa for this sum.
SARS alleged that Mr King transferred Ben Nevis’ assets to Metlinka Trading Ltd when he learned of the tax investigations and £7.8m was credited to a London ba...
Marilyn McKeever examines the UK treatment of usufructs ‘In effect, a usufruct and bare ownership are equivalent to an interest in possession and absolute remainder and this is how HMRC will treat them.’ HMRC has confirmed its view of the inheritance tax status of a usufruct in its Trusts and Estates Newsletter for April 2013. …
Continue reading "Usufructs: When is a settlement not a trust?"
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