Zetland Fiduciary Group

ニュースレター September 2014

ゼットランドよりニュースレターの配信（2014年9月号） 平素より格別なご高配を賜り、厚くお礼を申し上げます。 ご希望のお客様へニュースレターを配信させていただいております。 日本語翻訳付版は英語オリジナル版より遅れての発行となります。 ご了承願います。 今後も変わらぬご愛顧のほどよろしくお願いいたします。

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Zetland Newsletter  September, 2014 Dear Friend of Zetland, I have recently read an article on Takashi Hashiyama, president of a Japanese firm which owned an art collection. In 2005, amidst an expected downturn in the economy, he wanted to sell the art and was faced with deciding which auction house to commission for the sale. Upon presentations of three auction houses he was still undecided and requested the auctioneers to play Rock – Paper - Scissors for the acceptance of the bid. While two companies did not give it any further thought and left the outcome to chance, the other researched and sought specialist advice from his daughter who played the game daily in school. He took her advice and was successful in winning the contract which netted his company also USD2 million. I guess what I am trying to say is, don’t leave your affairs, corporate or personal, to chance, and have a strategy at hand. And if you need a specialist advice, contact us. Here are some pointers for your next bar tab game: Statistically, rock is the most common choice for male players, particularly for alpha males (like me). Thus, choosing paper you have a marginally higher chance of winning. When playing multiple rounds, a win-lose pattern was observed: The player that wins is more likely to stick with his choice, whereas the losing player is more likely to switch to what would have beaten the winner’s choice. Just as some useless information, I read the other day that there are more potential chess games than there are atoms in the universe. Zetland is sponsoring the STEP Asia Conference held this year in Hong Kong on 8-9 October. We would enjoy meeting you at our stand. Yours sincerely, <訳> ニュースレターをご購読いただいている皆様へ 最近、日本のテレビ部品メーカーのマスプロ電工の橋山社長の記事を目にしました。それは同社が所有する印象派絵画のオークション案件を巡ってクリスティーズとサザビーズに最終的にじゃんけんでどちらにオークションを任せるかを決めさせたというものです。一方は運に任せてじゃんけんに望みましたがもう一方はいつもじゃんけんで遊んでいる子供から勝つコツの情報をかき集め、その結果、きちんと事前調査をした方が勝利し、その絵画は高額で落札されオークション主催者もUSD2ミリオンの収入を得たという話です。 何を言いたいかと申しますと、個人的な事情や会社に関係する事情のいづれも運に任せずきちんと作戦を持つということが大事ということですが、弊社が担当する分野において専門家のアドバイスが必要になりましたらいつでもよろこんでご相談をお引き受けいたします。 蛇足ですが、統計によればグーは男性が（特に勝ち組系の男性が）もっとも出しやすい手だそうです。また、じゃんけんに強い人は2度目も1度目と同じ手を出し、一方じゃんけんに弱い人は自分に勝った相手が1度目に出した手に勝つ手（つまり相手にグーで負かされたら次ぎはパー）を出す傾向があるそうです。 本題に戻せば、ゼットランドでは来たる10月8、9日に香港で行われるSTEPコンファレンスのスポンサーとなります。STEPは信託業界における世界的に有名な協会です。コンファレンスに参加される方がおりましたらで是非会場にてお目にかかれることを楽しみにしております。 James Lee Group Managing Director Zetland Fiduciary Group

HK Trusts for IPOs IPOと香港信託（事業信託、ビジネストラスト）

Business trusts in IPOs and listing structures are no longer just a niche product in Asia. Although REITs are still representing the majority of listed trusts, business trust have become an alternative offering vehicle to a straight corporate listing. Singapore is Asia’s most developed trust listing hub with 49 listed trusts, of which 20 are business trusts. As early as 2004, Singapore implemented its business trust regime and listing rules. In Hong Kong the first business trust listed in 2011. It was the PCCW spin-off HKT. Since then Hong Kong has seen 3 more trust listings. Among them Langham Hospitality Investments and HK Electric which have hit big news with their listing volumes. Although Hong Kong does not have a statutory listing regime, HKEx approved a hybrid structure consisting of fixed trust units and preference shares of the company, called Share Stapled Units to facilitate the listing. The Share Stapled Unit arrangement, which is listed and traded as a single unit on the stock exchange, consists of three components: a) a unit; b) a beneficial interest in a specific ordinary share of the listing company which is linked to each unit and; c) a specific preference share issued by the listing company. The benefit of using a business trust over a REIT is that the regulatory process is less stringent and the listing can usually be achieved in a shorter timeframe. A business trust has also more flexibility in terms of the underlying assets. This can be real estate, but may also be operational business such as PCCW and HK Electric, or a golf course. Compared to a traditional listing, a trust listing promises the investors yield generating assets with a pledge to pay out most of its cash flow which is regulated in detail in the trust deed. Listed trust would generally pay out a higher dividend to their investors than traditional corporate listings. Although business trusts have gained wide acceptance, it is more common to see trusts being used in pre-IPO planning and in many red-chip listing structures. In a red-chip structure, the Chinese operating company is typically held by a Hong Kong SPV making use of the China-Hong Kong double taxation agreement to reduce dividend payment withholding rates from 20% to 5/10%. The listing vehicle itself is, like the majority of HKEx listed companies, domiciled in the Cayman Islands. If the shares before the listing are held by a trust instead of a Chinese resident, this may enable a tax deferral on capital gains. Trust which allow for reserved powers of the settlor should be preferred as it leaves the settlor with more management and control flexibility. Hong Kong’s trust law allows for reserved powers and settlers and can be tailored to IPO planning requirements. For further information please contact in our Hong Kong office James Lee (jamesl@zetland.biz) or Dominik Stuiber (dominiks@zetland.biz). <訳> アジアではIPOリスティングの際に事業信託（ビジネストラスト）を使って上場するケースが注目を浴びています。リート（REIT）が事業信託の代表格ではありますが、一般企業の事業信託による上場ケースが増えてきています。 中でもシンガポールでの事業信託による上場が最も多く、現在信託の形で上場されている49件中、20件が事業信託です。 香港にて初めて事業信託が上場されたのは2011年になります。大手通信企業PCCWが中核であるHKT（通信事業）を事業信託として香港で上場しました。以来、3つの事業信託が上場されています。ホテル業大手のLangham Hospitality Investmentsと電力会社大手のHK Electric（港灯電力投資）は調達資金額の大きさで話題となりました。 上場されるステープル証券は３つのユニットから構成されています、１）ユニット、２）個々のユニットにリンクされた株、３）上場企業の株。 リート市場にて事業信託を使って上場する利点は規制が少ないため上場を短期間で行えるという点です。また、事業信託はその傘下に所有できる資産の種類が比較的自由で不動産を初めPCCWのように事業そのものを信託することや、ゴルフコースなどの所有も可能です。 しかし事業信託による上場ケースが増えたといえ、信託がビジネス界でもっとも普及している分野はレッドチップ株において上場以前に信託を利用する例です。レッドチップ株とは中国本土企業がケイマン法人などのオフショア法人を持ち株会社として設立し香港に上場する株のことで、香港証券取引所ではほとんどの企業がこのような形で上場しています。ケイマン法人のようなオフショアビークル（SPV）を通すことによって香港と中国間の租税条約を利用し、配当に対する課税率を本来の20%から5－10％に抑えることができます。上場前の株を中国本土の居住者の代わりに香港信託に所有させることにより、キャピタルゲインを無税にすることも可能です。香港信託は委託者にある程度の管理権限を与えることが可能なため、決定権をマネージメントが維持することを可能とし、IPOプランニングに適しているといえます。 ゼットランドは香港信託の委託ライセンスを保有し信託サービスを提供しています。詳しくはJames Lee（ゼットランド代表、弁護士　jamesl@zetland.biz）または日本語は intray@zetland.biz までお問い合わせください。

Choice for Offshore Company - The Republic of The Marshall Islands マーシャル諸島法人の設立

In recent years, the REPUBLIC OF THE MARSHALL ISLANDS Corporate Registry has witnessed dramatic growth in Asia especially in China. Professional intermediaries and financial institutions have supported the Corporate Registry because of its modern and flexible legislations, ease of formation and unparalleled customer-service. In addition, Marshall Islands Registry will also carry out KYC check on every individual before actual incorporation. This growth is a direct result of the Marshall Islands’ ability to address aggressively and efficiently the leading issues facing the corporate world. With the intertwinement of governments and international organizations in transparency, it has become increasingly difficult for an offshore jurisdiction to retain the elements that make a corporate registry successful. The Marshall Islands, however, has met these challenges while maintaining its fundamental elements and is now the jurisdiction of choice for many professionals worldwide.

Modeled on Delaware laws

The Marshall Islands Associations Law, adopted in 1990, is primarily modeled on the corporate laws of State of Delaware of the United States of America. The Associations Law contains the Business Corporations Act (BCA), Revised Partnership Act, Limited Partnership Act, and Limited Liability Company Act. The BCA governs international business corporations (IBCs). Marshall Islands IBCs are low-cost, easy to form and simple to administer. If standard Articles of Incorporation are used, a company may be formed in as quickly as in one business day. Ready-made shelf corporations are also available. All filed documents must be in English but may be accompanied by a filed foreign language translation. The name of a Marshall Islands entity can be in any language and any internationally recognized corporate suffix is acceptable.

Flexibility in organization and operation

The BCA contains provisions with unique flexibility so that each corporation may be organized in the US style with a President, Secretary and Treasurer or in the UK style with Director and Corporate Secretary. Only one director is necessary and the only officer required is a secretary. Corporations may have such other officers, however designated, as provided in the Articles of Incorporation or bylaws. Officers and/or directors may be of any nationality and may be corporations or individuals and their meetings may be held anywhere in the world. A person and/or entity can hold more than one office and/or directorship. Companies are not required to file the names of officers and directors with the registry, but they may do so on a voluntary basis. The Articles of Incorporation may include special provisions regarding the scope of activities or the conduct of the affairs of the corporation. There are also selected optional purpose and power clauses, which may be included in the Articles. Banking and insurance corporations are not permitted. Shares may be in registered and/or bearer form. There are no minimum state-in capital requirements and no annual filings required. Board of Director and Shareholder meetings may also be held anywhere in the world and there is no requirement that a share registry be kept in the Marshall Islands. Documents filed in the Marshall Islands do not require notarization and/or legalization. As a party to the Hague Convention, the Marshall Islands can also Apostille filed documents for free.

Worldwide Recognition

There are currently 45 Marshall Islands companies publicly traded on leading international stock exchanges in New York and London. These 45 successes further ascertain that the laws of the Marshall Islands are widely accepted by financial institutions worldwide and are sound legislation. This article was kindly provided by Annie Ng, Head of Asia, The Marshall Islands Registry. For further information, please contact your nearest Zetland office or e-mail us at intray@zetland.biz. <訳> 近年、アジアで特に中国本土においてマーシャル諸島法人設立を行う件数が増えました。マーシャル諸島の人気は近代的な会社法を始め、設立の簡潔さと良質のカスタマーサービスなどがあげられます。また、会社登記所ではKYC（デューデリジェンス、身元確認）を登記所自らが行うという徹底ぶりです。 年々国際的に厳しくなる情報透明性の要求などからオフショア国では本来簡潔とされてきた会社登記を維持するのが難しくなってきています。マーシャル諸島ではこれらのチャレンジを超え、オフショア国としての役目を維持することに成功しました。

デラウェア州会社法がモデル

マーシャル諸島の会社法は米国デラウェア州の会社法をモデルに1990年に制定され事業会社法、組合法（訂正版）、有限責任事業組合法、有限責任会社法などが含まれます。 一般的にオフショア法人と呼ばれるIBC法人も事業会社法の基に設立されます。1日での設立も可能、またシェルフ会社の購入も可能で、必要書類はすべて英語にて表記、その他言語の使用も翻訳をつけることで可能。会社名はどの言語でも登記ができ。国際的に使用されている語尾称号であれば（LimitedやIncなど）制限はありません。

維持管理の柔軟性

マーシャル諸島の会社法は非常にフレキシブルで、アメリカ式とイギリス式の両方が選べます。アメリカ式の設立は取締役、秘書、会計士から成り立ちます。イギリス式による設立は取締役と秘書役から成り立ちます。取締役は最低1名から、その他は秘書役の認定が義務付けられており、その他の役員は会社内規にその選定を記載することができます。取締役と秘書役は法人または個人（自然人）のいづれも可能で、国籍も自由です。また、株主総会などの会議はどこの国でも行うことができます。1個人または1法人で複数の役員を担当することも可能、取締役や秘書役の名前は公開されません。 会社定款は事業内容などを特別規定項目として設けることも可能です。事業内容の項目において目的や権限についての記載も可能です。（銀行業、保険業を除く） 株式の発行は記名式または無記名式の両方が可能です。払い込資本金の設定がなく、年次報告の提出もありません。株主会議はどこの国でも行うことができ、株主名簿はマーシャル諸島外での保管もできます。 マーシャル諸島にて発行された法的書類はアポスティーユが可能です。

グローバル認識

現在、ニューヨーク証券取引所及びロンドン証券取引所では合計45社のマーシャル諸島法人が上場されており、マーシャル諸島法人は国際取引において広く認識されています。 【本記事はマーシャル諸島登記所のアジア本部、Annie Ngにより寄稿されたものです】 詳しくはゼットランド、intray@zetland.biz までお問い合わせください。

New regulatory requirements for Corporate Service Providers (“CSPs”) in Singapore シンガポール：コーポレートサービス会社（秘書役業者）に対する新規制

Singapore has been continuously reviewing and updating its regulatory regime in order to maintain itself as a trusted international financial and business center with robust regulatory frameworks against money laundering and terrorist financing. As a member of Financial Action Task Force (“FATF”) since 1992, Singapore has to comply with the 40 FATF recommendations and will be assessed by FATF in the second half of 2015. FATF is an intergovernmental body that sets global standards to to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction. With rising surveillance on cross border entities and capital transactions to prevent tax evasion, money laundering and terrorist financing, the CSPs have come under closer scrutiny. They face potential risk of abuse by criminals who could set up complex business structures concealing beneficial ownership and illegal transactions. To enable the CSPs to comply with these revised Recommendations, the Accounting and Corporate Regulatory Authority (“ACRA”) has amended its Act and enacted the ACRA (Service Providers) Regulations to enhance the regulatory framework for corporate service providers, which comprises registered filing agents as well as registered qualified individuals. The new regime will also benefit the corporate service providers industry by raising professional standards. The guidelines that will be provided by ACRA to assist CSPs to get ready the enhanced CSP regime will contain the internal policies, procedures and controls template as well as Know Your Customer (“KYC”) template form. Under the new regime, a person who wishes to register as a Filing Agent (“FA”) can be a business entity, company, LLP or LP must have its annual registration renewed. It also must have at least a registered Qualified Individual who is fit and proper, who meets the qualification requirements and experience. Registered FAs and QIs must perform ongoing customer due diligence and transaction monitoring, and report any suspicious transaction when necessary. FAs and QIs that fall short of the requirements, in breach of a term or condition of registration will face censure, suspension and/imposed a financial penalty. The enhanced CSP regime is targeted to be implemented in the last quarter of 2014. With the robust regulatory framework against money laundering and terrorist financing, it will further strengthen Singapore’s reputation as a trusted international financial and business centre. For more information, please contact Su Lee, General Manager of Zetland Singapore at suleec@zetland.biz or +65 65572071. <訳> 国際社会の中で信頼度の高い金融センターとしてシンガポールはマネーロンダリングやテロリスト防止対策の政策強化を進めてきました。 1992年に加盟した金融活動作業部会（FATF、マネーロンダリングを規制するための政府間機関）のメンバー国として40種類のFATF規定の見直しが2015年に行われます。 脱税やマネーロンダリングまたはテロリスト資金を防止するためにクロスボーダー取引を行う法人及び資金移動に対する監視が強まる中で、コーポレートサービス業者（秘書役）に対する監視の目も厳しくなってきています。コーポレートサービス業者は、複雑な法人体型スキームを巧みに利用することにより法人や資産の真のオーナーを隠しこれら犯罪活動を隠ぺいしようとする人々に悪用されるリスクに常にさらされています。 コーポレートサービス業者に対する規制強化策の一環として、会計規制企業庁（ACRA）は条例を訂正し、コーポレートサービス業者に対し社内規定、工程、工程管理表やKYC（デューデリジェンス）のフォーマットを取決め、監視スタンダードの向上を目指しています。 新条例の下、法人書類保管人（コーポレートサービス業者）は法人格を有することと法人の登記の更新が毎年求められ、秘書役などの有資格者の存在が求められます。 顧客の身元確認と資金移動の監視が義務付けられ、怪しい動きがあった場合には報告を求められます。これに従わない場合は業務停止及び罰金が科せられます。 新条例は2014年後半に実施されます。シンガポールは引き続きマネーロンダリングとテロ資金防止に強固な姿勢で臨み、国際金融センターの役目を担っていきます。 ゼットランドではシンガポール支店にてシンガポール法人設立及びシンガポールでのビジネスをサポートしています。お問い合わせは直接シンガポール支店（Su Lee　suleec@zetland.biz）または日本語はintray@zetland.biz まで。

VAT reform in China is expanding 中国：増地税のリフォーム

In March 2014, the Ministry of Finance (MOF) announced that it was working with other government departments to further expand the scope of the Value Added Tax (VAT) pilot reform, which started in 2012, to more sectors – including the telecommunications, construction, real estate, finance and living service sectors. On January 1, 2012, the trial of the value-added tax (“VAT”) Transition from business tax (BT) to VAT (“VAT Transition”) for transportation and certain modern service industries was implemented in Shanghai. In July 2012, the State Council further expanded the pilot area to Beijing and seven other provinces and municipalities in stages: Beijing (September 2012); Jiangsu and Anhui provinces (October 2012); Fujian and Guangdong provinces (November 1, 2012); and Tianjin Municipality, Zhejiang Province and Hubei Province (December 1, 2012). The reform is intended to be completed by the end of the 12th Five-Year Plan (2011-2015). The objective is to replace the current dual system of indirect taxes - value added tax and business tax - with a single VAT system, which applies to the entire goods and services sector. By the end of last year, the MOF said around 2.7 million enterprises had been covered by the VAT reform, an increase of 160% from the end of 2012, and tax burdens for companies had been reduced by more than RMB 140 billion (US$22.83 billion), up from RMB 42.6 billion in the previous year. According to the MOF, the reform had been effective in reducing double taxation and promoting the service sector's development. The VAT Transition program mainly involves the transportation industry and parts of modern service industries. The VAT tax rate is 11% for the transportation industry, 17% for the tangible property leasing services industry, and 6% in the remaining modern service industries. Meanwhile, VAT is imposed on import of services in the domestic process, while zero tax rate or exemption is applicable to exports. A VAT rate of 3% is applicable to the small-scale taxpayers. Foreign invested companies providing the above services are also subject to VAT instead of BT. The expansion of the VAT programme is therefore likely to be welcomed by the business community, especially multinational companies and other large businesses. The key benefits include:

• Businesses will be required to register as general VAT taxpayers where their turnover exceeds 5 million yuan of annual sales income. In addition to paying output VAT on their services, they will be eligible to claim input VAT credits for the goods, fixed assets and services they purchase from other VAT taxpayers;
• Businesses providing services which are subject to the VAT pilot programme will be eligible to claim VAT zero rating or exemption for certain types of services that are exported. This compares favorably with the existing position by which the export of services is generally subject to 5% BT. Likewise, where services are provided from overseas parties to businesses in mainland China, which are registered as general VAT taxpayers, VAT withholding obligations apply. However, input VAT credits may now be claimed for the purchase of these services so as to offset any real VAT cost impact;
• Small-scale taxpayers will also benefit from a reduction in their tax burden from 5% BT to 3% VAT.

While the introduction of VAT for each of these sectors is challenging, it is clear that officials from the Ministry of Finance and the State Administration of Taxation are ready for the challenge. They have studied international systems and shown a willingness to adopt key principles beneficial to business, and to use international principles to meet the needs of the Chinese economy. International experience highlights that while the transition to VAT can create ripples in the short-term, the longer-term transition to VAT is expected to be collectively beneficial both to businesses and the economy. China's new VAT rates of 6 percent and 11 percent, coupled with its existing VAT rate of 17 percent, are all lower than the OECD global average rate of VAT, which now exceeds 18 percent. The shift to a more modern tax system is consistent with international norms, will help alleviate indirect tax liabilities in B2B transactions, and promote export services. It is an important step in promoting the development of the services sector as part of the government's 12th Five-Year Plan. For more information please contact Ms. Phoebe Luo in our Shanghai office at phoebel@zetland.biz. <当件に関しましては直接お問い合わせ下さい。> ゼットランドは上海支店にて中国法人設立及び中国でのビジネス支援を行っております。お問い合わせは直接上海（Phoebe Luo, phoebel@zetland.biz ）または日本語は intray@zetland.biz まで

Forming a Firm Foundation - Belize International Foundation ベリーズでの財団設立

BelizeThe concept of civil law is fundamentally different from the common law, as it does not know a distinction between legal and equitable rights. Civil law in contrast to common law is not judge made law but its legal norms are enshrined in codes. Civil judges do not create law but implement and interpret the legal provisions contained in the codes. The structure of the Belize International Foundations is very similar to that contemplated for trusts and their administration. The crucial difference lies in the fact that a foundation in contrast to a trust enjoys legal personality and may be set up by unilateral declaration of the founder and the assets of the foundations only need to be endowed rather than be transferred physically. For clients in civil law countries this is of importance as the concept of a trust is not validly recognized and courts may not recognize transfer of assets such as real estate into a trust but they may recognize transfers into foundations. In accordance to the International Foundations Act, 2010 it provides additional protection where it concerns the subject of bankruptcy. It is established notwithstanding any foreign law, rule or regulation, the foundation shall not be void or voidable due to the fact that it is voluntary and without valuable consideration being given for a disposition to a foundation or to it being established for the benefit of the founder, or the founder’s spouse or children. The Act further states that the foundation endowment shall not be subject to transfer, encumbrance or other restraint solely because of the founder’s bankruptcy, liquidation or insolvency in any action or proceeding at suit of a bankruptcy trustee, receiver or creditor of the founder’s bankruptcy estate. A Belize Foundation is established upon proper execution of a foundation charter or equivalent document, by a founder and the members of a foundation council, by which a founder makes a disposition of rights, title or interest in property to the foundation for a specific purpose. Some potential uses of foundations are for succession planning and wealth management, discrete structures, discretionary benefits, and charitable or non-charitable purposes. Belize Foundations are exempt from business tax and offer a no tax haven for offshore investors. Not to mention the high level of anonymity offered by the jurisdiction and its geographical location is well placed in terms of access and international relations to other jurisdictions worldwide. Feel free to contact us at Zetland to assist with the formation of foundations in Belize, whether it is for protection of personal wealth from financial and political instability of your local jurisdiction, tax planning for inheritance assets or estate management. For further information, please feel free to contact Anju Gidwani, Director of the Belize Office (anju@zetland.biz) <訳> 民事法（ヨーロッパ大陸法）とコモンロー（イギリス）の決定的な違いの一つに、民事法では法律上の権利と衡平法による権利の区別がつけられていないことがあげられます。民事法はコモンローと違い裁判官法に依拠せず法律にのみ拘束されます。民事法において裁判官は法律を作る者ではなく、法律を解釈し法律を実行に移す役目を担う者です。ベリーズで設立される財団はコモンローの影響下であるトラスト（信託）に近い存在です。トラストとの大きな違いは財団は法人格を有しており、設立者の一方的独立宣言によって設立できるという点です。また財団へ預ける資産は寄付という形で行い、物理的に資産を移管する必要はありません。これは民事法を採用している国の居住者には非常に重要な意味を持ちます。なぜなら民事法ではトラストは認知されておらず、裁判ではトラストに預けた資産は認められないことが多いからです。一方、財団は民事法の下では広く認められており、財団へ寄付された資産は財団資産とみなされるのが一般的です。 2010年に制定された国際財団法によってベリーズで設立される財団に破産に対しての保護が与えられました。ベリーズ財団は諸外国の法律および規定には影響されず、財団を無効にすることはできない、という保護です。更に設立者が破産しても財団に寄付された資産は移管や負債の対象から外れます。 ベリーズで設定される財団は財団定款及び内規などの書類によって定められます。設定者と理事会メンバーから成り立ち、設定者が財団の運用目的を設定します。財団の利用方法としては資産継承、資産管理、資産分離、そして公益財団（公益目的）または一般財団（私的目的）として利用できます。ベリーズで設立された財団はベリーズにおいて非課税対象となり、高い守秘性を提供します。 ゼットランドではベリーズ支店にて財団の設立をサポートしております。お問い合わせは現地担当者に直接（Anju Gidwani anju@zetland.biz）または日本語はintray@zetland.biz まで。

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Zetland Tax Advisors News Scope Of UK ATED And CGT Extended UK bringing more properties within the scope of Annual Tax on Enveloped Dwellings (ATED); and proposing to implement a Capital Gains Tax (CGT) charge on non-residents

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Scope Of UK ATED And CGT Extended イギリス：年次課税（ATED）とキャピタルゲイン税の範囲拡大

UK bringing more properties within the scope of Annual Tax on Enveloped Dwellings (ATED); and proposing to implement a Capital Gains Tax (CGT) charge on non-residents

Annual Tax on Enveloped Dwellings (ATED)

Since April 2013, the ATED has been charged where a Non Natural person (NNP) owns a UK residential property valued at more than GBP2m. An NNP can be a UK or non-UK company, partnership or collective investment scheme. The 2014 Budget announced ATED will cover properties valued above GBP1m from April 2015 and above GBP500,000 from April 2016. The existing reliefs for certain property businesses will still apply.

Capital Gain Tax on non-residents regardless of the disposal proceedings

The UK government is currently consulting on the extension of CGT to gains arising from April 2015 to non-UK residents upon disposal of UK residential property. The aim of the proposals was said to ensure both UK and non-UK residents are subject to a comparable rate of tax on such gains. The rate of the extended CGT charge has not yet been announced. As for the method of collection, the UK government has said that it would prefer a withholding tax (collected by lawyers, estate agents or accounts) upon the disposal. The consultation also includes proposals to change Principal Private Residence (PPR) relief if more than one residence is owned. PPR currently exempts individuals from CGT on the disposal of their main residence. The consultation proposes the removal of the ability for taxpayers to elect which residence is their residence. This would be replaced by the determination of main residence based on the balance of various factors or the introduction of a definitive test. A further proposal could make PPR relief available to non-UK residents in certain circumstances. Draft legislation is likely to be published in December 2014. Action items for you: A NNP (typically a company) needs to self-assess its ATED liability. There is the option of self-assessing the property value or commissioning a formal valuation. The forthcoming change from April 2015 extending the scope of CGT to include all non-residents who own property directly could further complicate acquiring, owning and later on selling residential property in the UK. It you already own UK residential property or you are planning to acquire a residential property in the UK, these rules could affect you. Please call us +852 3552 9084 or email us at tax@zetland.biz. <訳> イギリスでは年次課税の範囲を拡大し、非居住者への不動産売却によるキャピタルゲイン課税の追加を検討しています。

年次課税（ATED）

2013年4月より法人格などの非自然人によるGBP２ミリオン以上のイギリス不動産所有に対して年次課税が実施されました。対象はイギリス法人及び非イギリス法人、組合や投資スキームです。2015年には対象がGBP1ミリオン以上に引き下げられ、2016年にはGBP500,000以上の不動産に対して年次課税が実施されます。

非居住者へのキャピタルゲイン税

現在イギリス政府はイギリス不動産の売却によって得られるキャピタルゲイン税の対象者に居住者のみならず非居住者も含む検討を行っています。 キャピタルゲイン税の課税率はまだ発表されていませんが、源泉徴収（不動産会社、会計事務所を通じた）での形を検討中です。 今回の見直し案には住居売却に対する控除に関する変更点も含まれています。従来、売り手自身が住んでいる住居の売却はキャピタルゲイン課税の対象外とされてきました。複数の不動産を所有する個人に対しどれを住居として申告するかの選択の自由が与えられていましたが、これを取りやめ今後は適正テストによって住居か否かの判断がされる、つまりキャピタルゲイン課税控除を受ける物件が自由に選択できなくなる見込みです。尚、見直し案の中には非居住者に対して新しくこの控除を与えることも検討されています。 新しい条例は2014年12月に施行される予定です。 居住者及び非居住者の方でイギリスに不動産をお持ちの方はこの新条例の影響を受ける可能性があります。お問い合わせはゼットランド税務チームまで（tax@zetland.biz）もしくは日本語はintray@zetland.biz までどうぞ。 © 2014 Zetland Fiduciary Group Limited, All rights reserved.