The latest Court of Appeal decision in the Hugh Green estate/trusts saga makes sobering reading. Everyone lawyered up: there were four sets of instructing lawyers, six barristers, four of whom are QC’s, involved in the proceedings and the Court ordered the costs of all parties to be met by the trust funds. Shades of John…
Certainly, do not liquidate or elect out of the LTC regime, as remission income arises which flows back to the shareholders personally. Do not do a debt capitalisation as IRD consider it tax avoidance. If all the LTC’s debt is shareholder debt, wait for the May Tax bill to be passed. The draft bill seems…
The NZ Government’s moves to legislate for more transparency in the foreign trusts regime may lead to some non-resident’s packing up and shifting their foreign trust away from NZ to a more benign regime. Increased disclosure, yet the non-taxing of foreign sourced income derived by NZ foreign trusts will remain untouched by the foreign trust…