United States: US House Of Representatives Votes To Repeal Estate Tax

On 16 April the House of Representatives voted to repeal estate tax, currently 40% with a $5.5 million exemption for individuals and an $11 million exemption for couples. The debate is an ongoing one, with the Republican majority arguing that elimination will aid the economy, sparing family-fun businesses and smallholdings. Democrats criticize the move as a hand-out to the wealthy and say that repealing it would cost the treasury in the region of $270 […]

By |May 13th, 2015|

UK: Transferable Nil Rate Band – Where Now?

Introduction
Last year the Court of Appeal decided The Woodland Trust v Loring, the first reported case to consider the interpretation of a nil rate band legacy following the introduction of the transferable nil rate band. This decision impacts on charities, which, as exempt beneficiaries, often benefit from a testator’s desire to avoid paying unnecessary inheritance tax (‘IHT’), but now find clauses interpreted in a way that significantly reduces the gift to charity.

IHT is charged […]

By |May 13th, 2015|

Cayman Islands: Cayman Islands Extend FATCA Compliance Deadlines

On May 11, 2015, the Cayman Islands announced the extension of its FATCA registration and reporting deadlines, as follows:

Compliance Obligation
Old Deadline
Extended Deadline

Registration
May 12, 2015
May 21, 2015

Reporting
May 31, 2015
June 12, 2015

Registration
Each Cayman Islands investment entity that has been classified as a “Reporting Cayman Islands Financial Institution” for purposes of FATCA (or its “sponsoring entity,” if applicable) should register with the Cayman government by the extendedMay 12, 2015 deadline in order to comply with its obligations […]

By |May 13th, 2015|