• Forms To Be Used By Trustees Subject To Disclosure Obligations
  • February 14, 2014 | Authors: Nicolas André; Siamak Mostafavi
  • Law Firm: Jones Day - Cleveland Office
  • Where a trust arrangement (within the French tax law meaning) (Trust) either (i) has a settlor or one of its beneficiaries who is a French resident for tax purposes, or (ii) comprises an asset which is located in France, the trustee of such Trust is subject to two disclosure obligations:

    • it must disclose the constitution, modification, or termination of such Trust (including, in each case, the terms of the relevant deed), and
    • it must yearly disclose the market value of the assets comprised within such Trust which fall within the ambit of French taxes.

    The French tax authorities have now published the mandatory forms to be used by the trustees which are subject to the above-mentioned disclosure obligations, it being noted that, for 2014, the yearly disclosure must in principle be filed by 15 June 2014 (the corresponding noncompliance penalty amounts to the higher of €10,000 or 5% of the market value of the assets comprised within the Trust).