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property trust

Greek translation: καταπίστευμα ακίνητης περιουσίας

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:property trust
Greek translation:καταπίστευμα ακίνητης περιουσίας
Entered by: Nadia-Anastasia Fahmi
Options:
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07:19 Apr 1, 2004
English to Greek translations [PRO]
Bus/Financial - Finance (general)
English term or phrase: property trust
Το κείμενο μιλάει για excluded property trust for non-domiciliaries στη Μεγάλη Βρετανία.
Emmanouela Charalampaki
Greece
Local time: 22:32
καταπίστευμα ακίνητης περιουσίας
Explanation:
εξαιρούμενα καταπιστεύματα ακίνητης περιουσίας ατόμων δεν είναι κάτοικοι Μ. Βρετανίας...

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Note added at 1 hr 34 mins (2004-04-01 08:54:11 GMT)
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Χρησιμοποιείται για λόγους φορολογικών ελαφρύνσεων από ξένους υπηκόους ή άγγλους οι οποίοι όμως δεν είναι μόνιμοι κάτοκοι Μ. Βρετανίας.

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Note added at 2 hrs 28 mins (2004-04-01 09:47:59 GMT)
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... Tax planning by people who are domiciled outside the UK often includes an offshore trust with non-UK assets (an \"excluded property trust\"). ...
www.farrer.co.uk/ Default.aspx?sID=897&cID=257&ctID=11

... non-UK domiciled individuals who have been in the UK for many years should consider protecting their assets in an ‘excluded property’ trust (see above ...
www.angloirishbank.co.im/library/ tax/Domicile%20Concept.pdf

... The Excluded Property Trust, is targeted at non-UK domiciled individuals who are resident in the UK. By placing non-UK assets in ...
www.selestia.co.uk/pressreleases/2003-06-12-001.asp

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Note added at 2 hrs 31 mins (2004-04-01 09:51:13 GMT)
--------------------------------------------------

DOMICILE

Non-UK domiciliaries
Tax treatment thereof
Excluded property trusts

The subject of domicile is back in the news. Recently a leading Sunday newspaper published an article on the question of domicile. This article highlighted some leading figures in industrial Britain and noted that they had a very comfortable lifestyle here with British passports but in fact paid no tax. The reason was that they are non-UK domiciled which means from a tax standpoint that:

No income tax is paid on income that arises on assets situated outside the UK provided the income is not brought into the UK at any stage, either directly or indirectly (a constructive remittance).
No capital gains tax is paid on capital gains that arise on assets situated outside the UK provided that the proceeds are not brought into the UK at any stage, either directly or indirectly (a constructive remittance).
Provided assets are situated outside the UK at the date of death, and the individual is then non-UK domiciled, there will be no inheritance tax on those assets.
Put simply, for somebody who is non-UK domiciled and living in the UK, simple appropriate tax planning structures can save substantial UK tax.

The newspaper article was drawing attention to the fact that the rules could change. Indeed, prior to the 1997 General Election when the Labour party came to power they published a policy document called Tackling Tax Abuses in which they suggested that the rules on domicile should be changed to catch the so called tax dodgers. This came hard on the heels of a consultative document produced by the Inland Revenue in the early 1990s followed by draft legislation which attempted to change the rules on domicile and make domicile a more difficult tax status to obtain and to lose. This whole subject could now be back in the melting pot with the Government coming under pressure to re-examine the possibility of changes in the rules. Never underestimate the power of the Media.

COMMENT
Any taxpayers (or non-taxpayers!) who are currently non-UK domiciled should as a matter of course and despite what appears in the Media be taking action to preserve the current tax benefits of that position. There is little doubt that there is certain planning that can be undertaken now which will outlive a change in the tax rules and preserve current tax privileged status. One such planning technique would be to establish an excluded property trust which will in general mean that the trust property, provided non-UK situated, should never come within the scope of UK inheritance tax even if the settlor is later categorised as UK domiciled. The icing on the cake with this particular route is that the settlor can be a potential beneficiary without the gift with reservation rules applying provided the trust retains its excluded property status.
Selected response from:

Nadia-Anastasia Fahmi
Greece
Local time: 22:32
Grading comment
Ευχαριστώ:)
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +4καταπίστευμα ακίνητης περιουσίας
Nadia-Anastasia Fahmi


  

Answers


1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +4
καταπίστευμα ακίνητης περιουσίας


Explanation:
εξαιρούμενα καταπιστεύματα ακίνητης περιουσίας ατόμων δεν είναι κάτοικοι Μ. Βρετανίας...

--------------------------------------------------
Note added at 1 hr 34 mins (2004-04-01 08:54:11 GMT)
--------------------------------------------------

Χρησιμοποιείται για λόγους φορολογικών ελαφρύνσεων από ξένους υπηκόους ή άγγλους οι οποίοι όμως δεν είναι μόνιμοι κάτοκοι Μ. Βρετανίας.

--------------------------------------------------
Note added at 2 hrs 28 mins (2004-04-01 09:47:59 GMT)
--------------------------------------------------

... Tax planning by people who are domiciled outside the UK often includes an offshore trust with non-UK assets (an \"excluded property trust\"). ...
www.farrer.co.uk/ Default.aspx?sID=897&cID=257&ctID=11

... non-UK domiciled individuals who have been in the UK for many years should consider protecting their assets in an ‘excluded property’ trust (see above ...
www.angloirishbank.co.im/library/ tax/Domicile%20Concept.pdf

... The Excluded Property Trust, is targeted at non-UK domiciled individuals who are resident in the UK. By placing non-UK assets in ...
www.selestia.co.uk/pressreleases/2003-06-12-001.asp

--------------------------------------------------
Note added at 2 hrs 31 mins (2004-04-01 09:51:13 GMT)
--------------------------------------------------

DOMICILE

Non-UK domiciliaries
Tax treatment thereof
Excluded property trusts

The subject of domicile is back in the news. Recently a leading Sunday newspaper published an article on the question of domicile. This article highlighted some leading figures in industrial Britain and noted that they had a very comfortable lifestyle here with British passports but in fact paid no tax. The reason was that they are non-UK domiciled which means from a tax standpoint that:

No income tax is paid on income that arises on assets situated outside the UK provided the income is not brought into the UK at any stage, either directly or indirectly (a constructive remittance).
No capital gains tax is paid on capital gains that arise on assets situated outside the UK provided that the proceeds are not brought into the UK at any stage, either directly or indirectly (a constructive remittance).
Provided assets are situated outside the UK at the date of death, and the individual is then non-UK domiciled, there will be no inheritance tax on those assets.
Put simply, for somebody who is non-UK domiciled and living in the UK, simple appropriate tax planning structures can save substantial UK tax.

The newspaper article was drawing attention to the fact that the rules could change. Indeed, prior to the 1997 General Election when the Labour party came to power they published a policy document called Tackling Tax Abuses in which they suggested that the rules on domicile should be changed to catch the so called tax dodgers. This came hard on the heels of a consultative document produced by the Inland Revenue in the early 1990s followed by draft legislation which attempted to change the rules on domicile and make domicile a more difficult tax status to obtain and to lose. This whole subject could now be back in the melting pot with the Government coming under pressure to re-examine the possibility of changes in the rules. Never underestimate the power of the Media.

COMMENT
Any taxpayers (or non-taxpayers!) who are currently non-UK domiciled should as a matter of course and despite what appears in the Media be taking action to preserve the current tax benefits of that position. There is little doubt that there is certain planning that can be undertaken now which will outlive a change in the tax rules and preserve current tax privileged status. One such planning technique would be to establish an excluded property trust which will in general mean that the trust property, provided non-UK situated, should never come within the scope of UK inheritance tax even if the settlor is later categorised as UK domiciled. The icing on the cake with this particular route is that the settlor can be a potential beneficiary without the gift with reservation rules applying provided the trust retains its excluded property status.


Nadia-Anastasia Fahmi
Greece
Local time: 22:32
Specializes in field
Native speaker of: Native in GreekGreek, Native in EnglishEnglish
PRO pts in category: 200
Grading comment
Ευχαριστώ:)

Peer comments on this answer (and responses from the answerer)
agree  Vicky Papaprodromou
38 mins
  -> Thank you Vicky!

agree  Lina Ntaoukaki
38 mins
  -> Thank you Lina!

agree  Betty Revelioti
1 hr
  -> Thank you Betty!

agree  Irene (Renata) Liapis
1 hr
  -> Thank you Renata!
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