The desirability of pre migration Trust 25 Oct 2006
Ross Holmes Trusts Limited
- Making migration work: lessons from New Zealand Migration
- Melissa Taylor Registered nurse from San Diego enjoys her job by the beach Migration
- BYE BYE CULTURAL CRINGE: EXPAT KIWIS CONFIDENT AND CONNECTED WITH HOME Migration
- Finding a job in New Zealand Migration
- The Skilled Migrant Category selection Migration
- The Skilled Migrant Category Migration
- Annual permanent and long-term arrivals up 24 per cent on year ago Living
- Now what have I forgotten? Migration
- Homeward bound: The final countdown Migration
- Wellington – live, work and play Migration
PRE MIGRATION TRUST: For many reasons UK citizens and returning Kiwis are considering a change of life style and heading down to New Zealand for that change. UK citizens have a once only opportunity to gift assets at once to a Trust before you become resident and domiciled in New Zealand.
This opportunity will be lost when you become domiciled in New Zealand.
There is no gift duty in the United Kingdom. Over the last few months use of trusts in the UK has been seriously curtailed in that any personal assets gifted to a trust valued over the nil rate bank of £285,000 per person (£570,000 per couple) will be subject to a lifetime inheritance tax charge of 20% with ongoing periodic charges and exit charges levied on distributions made or imposed at the 10 year anniversary of the trust.
New Zealand does not have these problems it has no inheritance tax or estate duty, stamp duty or land development tax.
The rich accept that trusts are normal. They use trusts as their cornerstone investment ownership vehicle. It is far safer to adopt the methods which the wealthy have successfully used for centuries. By using a trust in New Zealand you can maximise your chances of financial success and security.
New Zealand tax incentives for new migrants
In April 2006 the New Zealand Government amended the 2004 Income Tax Act to provide a new four year exemption on foreign sourced income for new migrants to New Zealand and returning New Zealanders who have been non-resident for tax purposes for 10 years or longer. These persons are now known as "transitional residents". The exemption has been extended to Trusts where a New Zealand Settlor is a transitional resident.
These new rules will provide an exemption from Income Tax to transitional residents for income derived from any country other than New Zealand in the form of dividends, interest, rents and an exemption from the application of the Foreign Investment Fund regime.
The exemption will last for a period of 48 months commencing from the first day of the month in which the individual acquires a "Permanent Place of Abode" in New Zealand". Judicial decisions have held that a "Permanent Place of Abode" is a test considering the strength of the relationship an individual has with New Zealand.
Assets placed into a New Zealand Trust below the nil band for UK Inheritance Tax Purposes will not attract New Zealand Income Tax providing the income is not generated in New Zealand and will not attract the UK 20% Lifetime Inheritance Tax.
More information on New Zealand trusts can be obtained from www.rossholmes.co.nz.
Before considering the move or return to New Zealand we highly recommend that you seek professional advice pertaining to your personal circumstances.
27 Nov 2014 News
Foreign Minister Murray McCully travels to Brussels this weekend to attend the North Atlantic Treaty Organization (NATO) Foreign ... more
26 Nov 2014 Business News
New Zealand Government Foreign Minister thanks outgoing Chief Executive Foreign Minister Murray McCully today thanked outgoing MFAT... more
18 Nov 2014 Business News
Every year, several dozen butchers make an epic commute - from provincial New Zealand to rural Iceland - for just two months' work.... more
27 Nov 2014 Entertainment
New Zealand’s “Queen of the Blues” MaKuini has played a show at London’s legendary 100 Club to an enthusiastic... more
17 Nov 2014 Lifestyle
WAITANGI, New Zealand – When intrepid Hokulea crewmembers first sailed to Aotearoa (New Zealand) 29 years ago using the ... more
27 Nov 2014 Property
Revenue Minister Todd McClay says Inland Revenue’s proactive strategy to track down those attempting to avoid paying tax is... more
18 Nov 2014 Property
Social Housing Minister Paula Bennett is impressed with Housing New Zealand’s progress in building, redeveloping and repairing... more
24 Nov 2014 Migration
NZ net migration rises to fresh record in Oct as more kiwis return, Indian students arrive Nov. 24 (BusinessDesk) - New Zealand's... more
3 Nov 2014 Migration
Australians and New Zealanders should be granted special status to live and work in the United Kingdom without restriction, a new... more
26 Nov 2014 Travel & Tourism
New Zealand Government Flights between New Zealand and China are set to double under amended air services arrangements, says ... more
12 Nov 2014 Travel & Tourism
Nov. 12 (BusinessDesk) - New Zealand guest nights rose 1.1 percent to a record for a September month, driven by a rebound in ... more
27 Nov 2014 Sport
Hard work has been rewarded in the naming of the Golden Homes Black Sox softball team for next month’s ISF Oceania Qualifying ... more
26 Nov 2014 ASB Tennis
NZ Festival of TennisFeaturing some of the biggest names in world tennis, organisers of the ASB Classic are pleased to announce one... more
27 Nov 2014 Opinion
As anyone who’s ever encountered him around Parliament will verify, Chris Finlayson’s arrogance is matched only by his... more
26 Nov 2014 Opinion
Suddenly, we’re awash in inquiries and reviews. (It feels almost as if the Greens won the last election.) Caught out by the... more
26 Nov 2014 Appointments
New Zealand Government Commerce and Consumer Affairs Minister Paul Goldsmith today announced the appointment of Murray Jack as the... more
25 Nov 2014 Appointments
R.Tucker Thompson Sail Training Trust Dame Anne Salmond appointed Patron of Northland-based Sail Training Trust Former New... more
12 Nov 2014 Recruitment
Article - BusinessDesk Smiths City starts search for new CEO after Hellings signals exit By Paul McBeth Nov. 12 (BusinessDesk)... more