Offshore Financial Law: Trusts and Related Tax Issues, Second Edition by Rose-Marie Belle Antoine

Author:Rose-Marie Belle Antoine
Language: eng
Format: epub
Publisher: Oxford University Press
Published: 2013-10-16T04:00:00+00:00

Substance over form embodied in legislation

16.13 Further, the substance over form approach has been codified in many onshore jurisdictions.7 Consequently, legislation now often provides that trusts carried out for purposes of tax avoidance violate the terms of tax statutes. Accordingly, the transactors are liable to taxation in the same manner as if no such transaction had taken place. In the case of the settlor of an offshore trust, the settlor will be liable to tax as if the property had remained invested in him or her. Such counter-tax avoidance measures were discussed in the previous chapter. Ultimately, even where offshore trusts are not caught by anti-avoidance statutory rules, they are likely to be addressed by the courts under the ‘substance over form’ doctrine found in modern tax jurisprudence.

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