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Recognition Of Trusts Act 1987
The Recognition of Trusts Act 1987 is a UK Act of Parliament that requires and entitles that courts in the United Kingdom recognise the validity of trusts which are created abroad. The Act implemented the Hague Trust Convention, agreed internationally in 1985. It has recently come under scrutiny for the propensity to perpetuate tax avoidance, and the shift of vast sums of money to offshore tax havens. Contents Schedule 1, article 6, states the settlor of a trust has the right to choose any foreign trust law to govern a trust. Art 18 goes on to say that provisions of the schedule are inapplicable if it would be ‘manifestly incompatible with public policy’. {{Expand section, date=December 2013 See also *English trust law *UK company law English trusts law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Act Of Parliament
In the United Kingdom an act of Parliament is primary legislation passed by the Parliament of the United Kingdom. An act of Parliament can be enforced in all four of the constituent countries of the United Kingdom, UK constituent countries (England, Scotland, Wales and Northern Ireland); however as a result of Devolution in the United Kingdom, devolution the majority of acts that are now passed by Parliament apply either to England and Wales only, or England only; whilst generally acts only relating to Reserved and excepted matters, constitutional and reserved matters now apply to the whole of the United Kingdom. A draft piece of legislation is called a Bill (law), bill; when this is passed by Parliament and given Royal Assent, it becomes an act and part of statute law. Classification of legislation Acts of Parliament are classified as either "public general acts" or "local and personal acts" (also known as "private acts"). Bills are also classified as "public", "priva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hague Trust Convention
The Hague Convention on the Law Applicable to Trusts and on their Recognition, or Hague Trust Convention is a multilateral treaty developed by the Hague Conference on Private International Law on the Law Applicable to Trusts. It concluded on 1 July 1985, entered into force 1 January 1992, and is as of September 2017 ratified by 14 countries. The Convention uses a harmonised definition of a trust, which is the subject of the convention, and sets Conflict rules for resolving problems in the choice of the applicable law. The key provisions of the Convention are: * each party recognises the existence and validity of trusts. However, the Convention only relates to trusts with a written trust instrument. It would not apply trusts which arise (usually in common law jurisdictions) without a written trust instrument. * the Convention sets out the characteristics of trusts under the convention (even jurisdictions with considerable legal history relating to trusts find this difficult) * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Avoidance
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. Tax avoidance should not be confused with tax evasion, which is illegal. Forms of tax avoidance that use legal tax laws in ways not necessarily intended by the government are often criticized in the court of public opinion and by journalists. Many corporations and businesses that take part in the practice experience a backlash from their active customers or online. Conversely, benefiting from tax laws in ways that were intended by governments is sometimes referred to as tax planning. The World Bank's World Development Report 2019 on the future of work supports increased government efforts to curb tax avoidance as part of a new social contract focused on human capital investments and expanded social p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
