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13 August 2013
...Offshore trust; Farm rental
Indian complexity
We have a client who is resident but not domiciled in the UK. He has a share in a Hindu undivided family (HUF) fund together with other UK resident family members. The HUF would appear to be similar to a discretionary trust.
Because all the members of the HUF are UK resident would it be treated as a UK resident trust? The HUF holds the following assets in India:
- Shares in a corporate trading entity incorporated in India.
- Share of a trading partnership.
- A residential property.
- Portfolio of Indian listed shares.
- Cash deposits in bank accounts.
It would be very helpful to hear from anyone who has come across such a fund. How is it treated for UK tax purposes in respect of its...
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