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Carey Olsen reviews Israeli trust developments

Date: 26 Apr 2014

Citywealth

New Israeli tax legislation, which formed part of recent legislative amendments to the state budget for 2013-2014, was passed by the Knesset, the Israeli parliament, during the summer and relevant provisions come into effect on 1 January 2014. Carey Olsen held a seminar to discuss the implications for clients. Guest speakers included two of Israel’s leading tax and trust lawyers, Alon Kaplan and Meir Linzen, who presented alongside Carey Olsen fiduciary partner and head of trust and fiduciary law, Paul Matthams, and senior associate Keith Dixon. Matthams said that there were many trusts established and administered in Jersey with Israeli resident beneficiaries and changes to Israeli tax legislation were likely to have significant implications for both trustees and beneficiaries. Kaplan and Linzen warned that any failure by a trustee to abide by the strict reporting requirements which are due to come into force on 1 January 2014 would be considered a criminal offence.

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