Pearse Trust Blog

Using An Inter-Vivos Trust For Succession Planning

Posted by Pearse Trust on Monday, Sep 07, 2015

The management of a deceased’s affairs can be a contentious issue. The way in which a deceased’s estate is distributed may divide a family, and disgruntled heirs may even feel compelled to contest a will in Court.

For a person seeking certainty that their affairs will be dealt with efficiently and in a manner that best reflects their personal wishes, they may wish to consider the use of an inter-vivos, or ‘living’ trust for succession planning purposes. This blog will provide a brief overview of the advantages of using an inter-vivos trust for succession or estate planning, and compare it with a testamentary trust.

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Tags: Legal, Trusts

EU Takes Forward Plans For Beneficial Ownership Registries

Posted by Pearse Trust on Wednesday, Sep 02, 2015

On 29 April 2015, the Council of the European Union, which represents the governments of the 28 EU member states, endorsed a package of proposals aimed at preventing money laundering and terrorist financing. The package requires that EU governments establish and maintain central registries containing information about the beneficial owners of companies registered in their jurisdictions.

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Tags: Legal, EU, Beneficial Ownership

Small Business, Enterprise & Employment Act 2015

Posted by Pearse Trust on Wednesday, Jul 22, 2015

Further to our previous overview and summary blogs, The Small Business, Enterprise and Employment Act (the Act) received Royal Assent and was passed into law in the UK on 26 March, 2015. This blog contains an update on certain corporate related aspects of the Act.

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Tags: Legal, Directors, United Kingdom

Ireland’s Knowledge Development Box

Posted by Pearse Trust on Wednesday, Jun 17, 2015

The Irish Government has courted international controversy with its proposal for a preferential tax regime for income derived from intellectual property, known as the Knowledge Development Box (“KDB”). This blog post will discuss the outline of the proposal.


The proposed KDB is in line with the commitment contained in the Road Map for Ireland’s Tax Competitiveness, which was published in October 2014 alongside the Irish Government’s Budget for 2015. It was noted in the document that the global economy is evolving and business assets resulting from investment in “knowledge-based capital”, such as intellectual property, are becoming a significant driver of economic growth in OECD economies.

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Tags: Ireland, Legal, Tax

Residency Rules For New Zealand Companies - Key Dates

Posted by Pearse Trust on Wednesday, Jun 03, 2015

Following on from our previous blog Changes for New Zealand Companies –Companies Amendment Act 2014, the Companies Office have released their timeline for implementation of the new rules. The important changes will be phased in throughout 2015 and the prescribed timeline should give all companies sufficient time to prepare to meet their new compliance obligations.

Companies Amendment Act 2014

The new rules are aimed at preventing the misuse of New Zealand companies by enhancing the powers of the Registrar and improving the quality of information by the Registrar. This will include a new requirement to have at least one resident director and additional disclosure by companies in respect of their ultimate ownership. Read More

Tags: Legal, New Zealand

Base Erosion & Profit Sharing - An Overview

Posted by Pearse Trust on Wednesday, May 27, 2015

Can the body of international tax rules, which have developed in such an unruly and illogical fashion since the early 20th century, really be transformed into a coherent whole within the space of a few years? The Organisation of Economic Development and Cooperation (“OECD”) seems to think so. Recent developments however, suggest that the OECD may have bitten off more than it can chew with its BEPS project. Read More

Tags: Legal, Tax

Protector & Trustees - The Relationship

Posted by Pearse Trust on Wednesday, May 20, 2015

In a previous blog we examined the role and powers of trust protectors. We will now examine the relationship between protectors and trustees.

In recent years, settlors are increasingly appointing protectors on the settlement of trusts. There are a number of reasons for such an appointment:

  1. They may have yet to build a relationship with the proposed trustee;
  2. They wish to safeguard their wishes on settlement of the trust; and
  3. To oversee the proper administration of the trust.
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Tags: Legal, Trusts

US Tax Reform: Will It Happen?

Posted by Pearse Trust on Wednesday, May 06, 2015

Lawmakers across the political spectrum in the United States are generally agreed that the tax code is in need of an overhaul. A comprehensive tax reform plan that both parties in Congress can rally around is proving very elusive, however.

A Complex Code

It has been less than 30 years since the last major simplification of the tax code, and the National Taxpayer Advocate says that the total time burden of tax compliance has reached 6.1bn hours. That is the equivalent of approximately 3.05m employees working 40-hour weeks year-round with just two weeks off. The total cost of complying with the tax code is calculated at USD224.3bn a year.

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Tags: Legal, Tax, USA

UK Charges Registration – Some Key Points

Posted by Pearse Trust on Wednesday, Apr 01, 2015

­A charge is the security which a company gives for a loan and unless specifically excluded, such charges must be registered with Companies House.

Charges which are excluded are as follows:

  • A charge in favour of a landlord on a cash deposit given as a security in connection with the lease of land;
  • A charge created by a member of Lloyds (within the meaning of Lloyd’s Act 1982) to secure its obligations in connection with its underwriting business at Lloyd’s; and
  • A charge that any other act or legislation specifically excludes from registration.
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Tags: Legal, United Kingdom

UK Bribery Act 2010 - Overview

Posted by Pearse Trust on Wednesday, Mar 25, 2015

­The Bribery Act 2010 (“the Act”) came into effect in the UK on 1 July 2011. The Act supersedes previous bribery legislation, including the Public Bodies Corrupt Practices Act 1889 and the Prevention of Corruptions of Acts 1906 and 1916.

The Act was introduced to modernise the law on bribery in order to enhance the effectiveness by which prosecutors and the courts manage anti-bribery cases.

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Tags: Legal, United Kingdom, Economy