News & Analysis as of

Trusts Residency Status

Venable LLP

Incomplete Gift Non-Grantor Trusts Created by California Residents May Be Subject to California State Income Tax Beginning in 2023

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Under California Governor Gavin Newsom's proposed 2023-2024 state budget, released on January 10, 2023, the income of an incomplete gift non-grantor trust (ING Trust) may now be subject to California income tax, effective on...more

Cadwalader, Wickersham & Taft LLP

Haworth: Residency Tie-Breaker Tests in a ‘Round the World’ Tax Scheme

The UK’s First-tier Tribunal recently considered the application of the “place of effective management” residency tie-breaker test found in double tax treaties in the recent case of Haworth and others v HMRC [2022] UKFTT 34...more

International Lawyers Network

Establishing A Business Entity In Cyprus (Updated)

Cyprus is an EU member state and a common law jurisdiction with a legal system similar to that of the UK. It is located at the eastern end of Europe linking 3 continents, Europe, Africa and Asia and it has a long and strong...more

Conyers

Private Client Bulletin - Summer 2021

Conyers on

Welcome to the fifth edition of our Private Client Bulletin, bringing you the latest private client and trust news and insights from Bermuda, the Cayman Islands, BVI and Asia. In this issue, we have several notable...more

Rivkin Radler LLP

WILLS, TRUSTS & ESTATES: PLAIN AND SIMPLE – Changing Your Residence For State Tax Purposes – More To It Than You May Think

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Oftentimes, in the summer, we return to the topic of changing your residence for state tax purposes. There are five factors which the tax authorities will look to in determining whether someone has changed their residency. ...more

BCLP

US/UK tax series: US citizens moving to the UK

BCLP on

If you are a US citizen who is becoming UK resident you will continue to be subject to US tax and reporting obligations but will also become subject to UK tax. Although there is a double tax treaty between the US and the UK...more

Dorsey & Whitney LLP

Minnesota Supreme Court Holds Trust Residency Statute Unconstitutional As Applied to Taxpayer Trusts - Time to Evaluate Income Tax...

Dorsey & Whitney LLP on

In a 4-2 decision, the Minnesota Supreme Court ruled in Fielding v. Commissioner that four trusts lacked sufficient relevant contacts with Minnesota during the applicable tax year to be permissibly taxed, consistent with due...more

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