Changes Impacting UK Family Trusts

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UK tax changes to trusts and their effect on UK expats in Israel and their UK families

Seminars on 22 November 2017

Recent amendments to UK tax law materially impact all offshore trusts with UK resident settlors or beneficiaries. This will affect families with family members in Israel who have trusts with UK resident beneficiaries. There is an opportunity until 5th April 2018 to restructure such trusts, failing which the UK resident family members may face a more onerous tax regime. Coupled with the 10 year Aliya tax benefits for new olim, there may be a last-chance opportunity to restructure family wealth in a tax advantageous manner.

The seminar should be of particular interest to settlors, beneficiaries, trustees and their professional advisors. Justine Markovitz, partner and joint CEO of Withers’ private client and tax division, and Philip Braude FCCA, TEP, Investment Marketer licensed by the Israel Securities Authority, will address:

  • Updates on UK tax laws relating to trusts
  • A discussion of the issues facing trustees and beneficiaries in a world of enhanced regulatory compliance
  • Updates on Israeli taxation of trusts
  • Recent changes to Israeli tax exemptions granted to new residents
  • Restructuring options and opportunities

For more information contact [email protected]

Israel’s Late Compliance with OECD CRS

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The Israeli Finance Committee is belatedly dealing with the issue of the Israeli banks’ reporting obligations under the OECD bank account reporting requirements.

The OECD’s CRS (Common Reporting Standard) agreement requiring Israeli banks to verify their clients’ tax compliance in their country of residence takes effect January 2018. Israeli banks will be required to report the existence of these accounts to the country of the client’s residence. This mirrors the previous American FATCA rules requiring financial institutions around the world to report on the accounts of US citizens to the US authorities.

In order to allow the Israeli banks to implement and comply with the CRS reporting process, the Knesset must first enact legislation with regulations, which have not yet been finalised. At this late stage of the game, it is clear that the Israeli banks will be overwhelmed with the task of contacting all their clients, obtaining the required tax declarations from them, and implementing the internal reporting systems before the deadline of 31st December 2017.

We are advising all our clients and prospective clients to ensure that their personal tax & compliance affairs are all in order to facilitate their bank’s dealing with their accounts amidst the turmoil that is sure to come.

If you require assistance with your international wealth management please call our offices +972-2-992 1519 or email [email protected] to arrange an appointment with Philip Braude.

Click here to read the Globes article Finance Committee to discuss OECD bank account international reporting.

Be My Guest

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