UK trust formula solves tax rules problem for rich Italians

Italian tax laws threaten wealthy Italian families’ assets in offshore trusts, according to the trust and corporate services provider. The legislation, introduced last year, now treats income from offshore trusts as liable to full taxation in Italy, it says. However, the firm believes a UK-based formula provides a tax-efficient solution. Martin Palmer, director of Jordans International, said: “We have developed a trust model that meets the concerns of the Italian legislators, but enables Italian clients to continue to benefit from tax-efficient trust planning. He said the new Italian le...