Section 81Part 1 — Trusts Act
Power to give undertaking as to tax liability
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The Financial Secretary may give an undertaking to the trustees of an exempted trust who make application therefor that no law which is hereafter enacted in the Islands imposing any tax or duty to be levied on income or on capital assets, gains or appreciation or any tax in the nature of estate duty or inheritance tax shall apply to any property comprised in or any income arising under such exempted trust or to the trustees or the beneficiaries thereof in respect of any such property or income.
Any such undertaking under subsection (1) may be for any period not exceeding fifty years from the date of the creation of the exempted trust and may be in such form as the Financial Secretary shall determine.
Notwithstanding subsections (1) and (2) and anything contained in any such undertaking, a beneficiary who is at any time resident or domiciled in the Islands shall be liable in and in respect of such time to all and any tax and duty as if such undertaking had never been given and nothing in this section shall be construed as exempting any other person resident or domiciled in the Islands from any law imposing any tax or duty referred to in this Act .
The Financial Secretary shall prepare and present to the Cabinet, a report of all applications made and granted pursuant to this section on a monthly basis.
The first report due to be prepared pursuant to subsection (4) shall be presented to Cabinet on the date specified by Cabinet by Order.