Overview

This is Unit 11 of the "Trust Training Certificate" ("TTC") (version 2.0) training programme.

This eCourse is prepared based on the recorded version of the webinar session held on 28 October 2024. For participants who plan to take the TTC Part B Stream 1/2 Examination at a later date, you should ensure you read the study guide and materials provided via the examination enrolment link.

It consists of one module:
Module 17: Tax with regard to Trusts, Settlors & Beneficiaries; Taxation of Assets

If you wish to register for the full TTC (version 2.0) Part B Stream 1 Training Programme and Examination, click here. 

If you wish to register for the full TTC (version 2.0) Part B Stream 2 Training Programme and Examination, click here. 

Please note that only the full programme is eligible for WAM FIS reimbursement.

Objective

On completion of this eCourse, you will be able to understand the following:-
- the general implications for taxation for a settlor or founder when respectively creating a trust or foundation;
- the problems of not carrying out international estate planning during lifetime;
- the general application of taxation for beneficiaries of a trust;
nationality as a trigger for taxation;
- the nature of domicile of origin, of dependency and of choice and of deemd domicile as triggers for taxation;
- the different ways in which residence arises as a trigger for taxation;
- source of income, and capital gains as a trigger for taxation.
- understand the key elements for the taxation of assets by reference to the nature and situs of an asset.

You will also be able to:
- explain how relief from taxation of an asset can arise by reference to the nature of the asset and to the recipient of it; and
- compare such taxation and reliefs across jurisdictions mentioned.

Content

This Module provides for the aspects of international taxation as follows:
1. General application
2. Triggers for taxation
3. Residence of individuals and the tests for this
4. Nature of the asset – situs of the asset – recipient of the asset;
5. Funds – issue for Hong Kong funds;
6. Retirement schemes in Hong Kong;
7. Exemptions and reliefs

Who should attend

This course is primarily designed for individuals who are interested in obtaining the "Trust Training Certificate" to qualify for the Hong Kong Trustees' Association Certified Trust Practitioner™ designation.

It is also relevant for individuals seeking a comprehensive understanding of the course subject matter and those planning to enter the Trust industry sector.