Trowers & Hamlins

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International

A team of tax and estate planning specialists who concentrate on advising individuals, families and trustees both in the UK and internationally

A team of tax and estate planning specialists who concentrate on advising individuals, families and trustees both in the UK and internationally.

If Islamic Law applies when you die, your assets will be divided between your heirs entitled under Sharia succession rules. This can make it difficult to keep your family's wealth and business interests united. Using a trust can allow adherence to Islamic law whilst keeping the family's wealth under the control of a trustee who holds it for the benefit of a wide class of family members. Trusts also offer confidentiality and can be a useful defence against third party claims.

Provided the trust is validly constituted and funded during your lifetime the trust assets should be outside the scope of Shari’a succession rules when you die.

We are familiar with the complexities of setting a up trust structures for Middle Eastern clients, and have particular expertise in dealing with foreign ownership restrictions (which apply to a number of Middle Eastern countries). We can also advise on taxation which may be an issue if some of the beneficiaries reside, or the assets are located in taxable jurisdictions.. We can also advise on putting in place appropriate control mechanisms to enable you to retain certain powers over the trust assets.

Recent changes in legislation have meant that ownership structures that may have been efficient historically may need revising. We can advise on the Annual Tax on Enveloped Dwellings (ATED), as we as 'de-enveloping' arrangments and the non -resident capital gains tax rules.

Trowers and Hamlins were the first law firm to open an office in the Malaysian capital, Kuala Lumpur and as such we are well placed to advise individuals and institutions looking to invest in the UK.

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