3 October 2022

Settlement and Extraction of UK Situs Assets in Singapore Trusts – Yay or Nay? A No Nonsense Guide.

By Suzanne Johnston (Partner, Stephenson Harwood)

Having worked as in house legal counsel to a well-known trust company, Suzanne is well versed in the practical issues faced by trustees. A common issue is how to inject and extract U.K. situs assets into a trust. During this session Suzanne will explore the tax consequences of doing so and evaluate the risks.

• An analysis of the UK tax consequences of acquiring, retaining and disposing of UK situs assets, including consideration of potential IHT pitfalls, CGT and Income Tax under the transfer of assets legislation, SDLT on acquisition and ongoing ATED charges 

• An analysis of the additional UK tax considerations in respect of holding enveloped dwellings

• Consideration of the merits of structuring the ownership of UK property in 2022 and whether a SG trust is still the answer

• Possible methods of extraction for withdrawing UK situs assets from a SG trust in a tax efficient manner

• A brief analysis of the latest regulatory requirements on ownership of UK property including the TRS and the Register of Overseas Entities