In this weekend’s Journal Officiel the French tax authorities published Decree No. 2012-1050 of 14 September 2012, which outlines how people with interests in French trusts are to file to the authorities.
After a number of false starts, it was seemingly confirmed at the end of July that trustees would have to file to the authorities on 15 September, as reported, however, according to law firm Lawrence Graham, the Decree confirms, for this year only that all trustees must file by 30 September.
According to LG, which has operations in Monaco and London, the Decree provides important details regarding the filing obligations and the information that needs to be disclosed, and “obviously gives more time for the trustees to comply with them”.
The new requirement was brought in last year and means that trustees acting for settlements with either French tax resident settlors or beneficiaries or French properties, loans, stocks and shares held as assets will be required to file to the French authorities.
Dubbed a “mini FATCA”, International Adviser has reported a number of times over the past few months on the growing concerns of trustees who are aware they have a requirement to file but who did not have information on when and what. The most recent story can be viewed here
To read an explanation of the Decree courtesy of PKF click here
