The new Bulletin Officiel des Finances Publiques-Impôts (BOFPI) website has now published the long expected instruction regarding the new tax regime and reporting obligations applicable to trusts resulting from Art. 14 of law 2011-900 (LFR 2011) and decree 2012-1050 of 14 September 2012.
The Instruction clarifies the position in the event of a plurality of deemed settlors, submitting to tax further unequal distribution which is frequent in case of discretionary trusts.
For further information please contact Patrick Delas, soliticor - senior associate - avocat.
The new Bulletin Officiel des Finances Punbliques-Impots (BOFPI) website publish new tax regime and reporting obligations - Oct 2012.pdf