Overview

This is Unit 11 of the training programme in pursuing the “Trust Training Certificate”.

It consists of two modules:
Module 17: Tax with regard to Trusts, Settlors & Beneficiaries
Module 18: Tax with regard to Assets

For the topics to cover, please refer to the content section below.

Content

Tax with regard to Trusts, Settlors & Beneficiaries

Comparisons between UK, USA and China

- General application:
(a) Persons involved (settlor / founder / beneficiaries)
(b) Retention of assets and income without IEPS
(c) Transfer of assets to a trust / foundation
(d) Future income, benefits and assets derived from the structure
- The triggers for taxation
(a) Nationality
(b) Domicile
(c) Residence
(d) Source
- Domicile of origin
(a) Dependency
(b) Choice
(c) Deemed

Comparisons between Australia, Canada, France, Singapore, UK and USA

Residence of individuals and the tests:

- Quantitative (183 days)
- Quantitative (over more than one tax year)
- Qualitative (connections with the country)
- Reverse qualitative (connections with another country)
- Mixed qualitative and quantitative

Tax with regard to Assets

Comparisons between Hong Kong, Australia, Canada, UK and USA
- Nature – situs – recipient
- Tax and funds – issues for HK funds
- Tax and retirement schemes in HK
- Exemptions and reliefs:
(a) Nature of assets / property
(b) PPR
(c) Business property
(d) Agricultural property
- Recipient – surviving spouse - charities

Who should attend

The course is primarily targeted to those who would like to pursue “Trust Training Certificate” in order to apply for the Hong Kong Trustees’ Association Certified Trust Practitioner? designation.

It is also relevant to those who would like to gain a solid understanding of the course subject matter.