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France: Trust reporting obligation update
28/11/2014

France: New decree (17 November  2014) reporting obligations for French tax resident trustees

The French Government has just published a new decree regarding reporting obligations for trust administrators (i.e. trustees).

The new article 1649 AB of the French Tax Code, together with article 6 of 6 December  2013, imposes a reporting obligation on  trustees  for assets placed in trust with French resident trustees.

Article 6 of the 6 December  2013 law on “the fight against tax evasion and  economic and financial crime” amended article 1649 of the French Tax Code extending the reporting requirements for trustees who have their tax domicile in France. It is also created a “public registry of trusts”.

Article 1649 AB of the French Tax Code dated  17 November  2014: establishes a reporting obligation on the trustees:

Under the decree, French resident trustees must provide a declaration on 1st January if there was a change in the constitution or beneficiaries or the winding up of the trust or after 8 December 2013. This obligation is regardless of the tax residence of the settlor, beneficiaries or the assets held under the trust.

In addition, specific information must now  be provided to the “public registry of trusts”; the SIREN number of the administrators and the beneficiaries of the trust.

Finally, there are transitional provisions to allow trustees sufficient time to report changes between 8 December  2013 and 31 December  2014 and the valuation of trust assets as at the 1 January 2014. 

We also refer you to previous news articles covering this subject:

http://www.rosemont-int.com/news/08-09-2012-rosemont-consulting-newsletter-autumn-2012/

http://www.rosemont-int.com/news/17-12-2011-french-tax-news-20112012-tax-changes/

http://www.rosemont-int.com/news/18-05-2011-french-tax-update-more-on-wealth-tax-exit-tax-secondary-residence-tax-section-164c-and-trusts-may-2011/

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Please do not hesitate to contact Cecile Acolas at c.acolas@rosemont.mc for queries on these topics.