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Letter of Wishes: a crucial document accompanying the trust instrument
What is a letter of wishes (LOW)?
A letter (sometimes called a memorandum) of wishes (the “LOW”) is a document written by the Settlor of a Trust and can be a very useful tool in helping the Trustees to manage and administer the trust - in particular it is a very common device when a discretionary trust is created.
A LOW provides guidance to the Trustees as to the manner in which the Settlor would like the trust fund to be administered for the benefit of their int…
Register Of Overseas Entities: Changes Impacting Trust Structures
The Register of Overseas Entities (ROE) came into force in the UK on 1st August 2022 and has been introduced by the new Economic Crime (Transparency and Enforcement) Act 2022.
Changes to the ROE mean that overseas entities who are existing registered proprietors of (or are proposing to become a registered proprietor of) a property or land in the UK (the “qualifying estate”) they must register with and will have to provide additional information to Companies House…
Trusts and taxation in the light of Circular No. 34/E of 20 October 2022 of the Italian Revenue Agency
On 20 October 2022, the Italian Revenue Agency issued the Circular No. 34/E, on the taxation of trusts, in which it provides clarifications on the direct and indirect taxation of this instrument, in light of the now consolidated case law on the application of Inheritance and Gift Tax (hereinafter “IHT”) and on the regulatory novelties introduced, in the area of direct taxes, by Article 13 of Decree-Law 124/2019.
We provide below a brief summary of some milestones…
