Issue 94 – 17 July 2009


I know I said I was going to give myself (and you) a break from our newsletters over the summer months, but I thought you may like to read the transcript of a lecture I gave to the International Tax Planning Association in Zurich last month, entitled “New Developments: Recent Changes affecting International Tax Planning”. The topics covered include the following:

  • Can we rely on using Double Tax Treaties for international structures and can their provisions be unilaterally over-ridden?
  • The beneficial ownership concept inherent in treaty provisions.
  • Expanding the concept of permanent establishments as it relates to UK real estate.
  • The continued use of Luxembourg for investing in French real estate.
  • Abolishing dividend withholding tax in Luxembourg and its use for investing in China.
  • Using Mauritius and its IPPAs for African and Indian businesses.
  • The Singaporean holding company regime.
  • Italian changes in its attitude to foreign trusts with Italian beneficiaries.
  • The UK participation exemption regime in the 2009 Finance Bill.
  • The US exit tax and the concept of Constructive Receipt of Income.
  • The ability to rely on the Dutch Co-operative to avoid Dutch withholding tax.

If any reader has any comments on my views expressed in the transcript, I would really like to hear them. As a member of the Executive Committee of the International Tax Planning Association, I would be happy to introduce you to the organisation if you would like to join it, and invite you to visit its website at My next scheduled presentation is next June in Venice where I will be discussing issues around changes of personal tax residence, and indeed avoiding tax residence anywhere for particular periods of time. I would be delighted to see you there if not before.

I hope you enjoy reading this month’s unexpected newsletter!

Kind regards

Roy Saunders