 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Luxembourg IHT Law Under Fire |
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, June 29, 2010
It has recently emerged that the European Commission has officially asked Luxembourg
to amend its legislation on inheritance tax.
The legislation in question stipulates additional conditions for non-resident
heirs and, in particular, freezes their entire estates until they provide 'an
additional guarantee'. Given that the freeze rule does not apply to resident heirs,
the Commission considers that this therefore constitutes a discriminatory practice,
is disproportionate, if not unjustified, and is contrary to the provisions contained
in the Treaty on the Functioning of the European Union concerning the free movement
of capital.
Under the existing regulations, when a resident dies, the government of Luxembourg
is owed a debt equivalent to the amount payable in inheritance tax by the heir.
In order to recover this debt, the government of Luxembourg can avail itself of
certain guarantees: a privileged lien on all the movable property and/or a legal
mortgage on all the immovable property located in Luxembourg bequeathed in the
inheritance.
A non-resident heir has to provide an additional guarantee for the payment of
the amount due before being able to take possession of the inheritance. The amount
of the guarantee is set by the judge. If the heir is not able to provide such
a guarantee, the inherited assets are frozen until such time as the guarantee
has been put in place.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
