On July 29, 2011, France enacted a new law on the taxation of trusts. Under the new law, a trustee must disclose certain information about the trust if the trust has a French settlor, beneficiary or French assets. The trustee must file the disclosure by June 15. The government was to provide further details on how to comply with this requirement.
At this time, the French government has not released a form, or provided any guidance. Some experts have said they expect the government to extend the deadline, but as of the date of this blog post, we had not yet received confirmation.
- The terms of a trust that was in existence as of July 31, 2011;
- The creation, modification, or termination of a trust after July 31, 2011;
- The market value of the trust assets as of January 1 of each year.