JerseyAntitrust/Competition Law
by Peter Hargreaves
Trusts can be useful in both tax and non-tax planning for private clients because they take assets out of the absolute ownership of wealthy families and individuals. Trusts are however essentially complex. Common law jurisdictions - specifically England, which created the trusts - and those jurisdictions whose laws are derived from England, including the US, Australia and Canada, have had to come up with complex rules to tax trusts whether they are established domestically eg, trustees, settlor and beneficiaries all resident in the UK, or established in offshore tax havens, eg, settlor and beneficiaries in the US, but trustees in Jersey.
The tax systems of European civil law jurisdictions (say all EU members excluding the UK and Ireland, but including Switzerland) encounter still greater difficulties in dealing with trusts. In particular, problems arise when dealing with the classical discretionary trust in which the trust beneficiaries are defined but the
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