Chesterfield (London) 
207 Old Marylebone Road
Tel: +44 (0) 203 771 3853
Fax: +44 (0) 203 771 3856

Isle of Man Trusts

The Trustee Act of 1961 is the principal piece of Isle of Man trust legislation and is closely modelled on the UK Trustee Act of 1925, although not identical. There have been several additions to the trust laws since.

The Isle of Man is a favourable jurisdiction for the establishment of Trusts due to the fact that there is no capital gains tax, inheritance tax or gift and estate taxes. Although it is important to note that Isle of Man Trusts with Isle of Man beneficiaries are subject to income tax at 18% on undistributed income.

Isle of Man trusts are regulated by the Financial Supervision Commission.
There are various types of trusts available in the Isle of Man such as;
- Discretionary Trust
- Life Interest Trust
- Will Trust
- Asset Protection Trust
- Private Trust Company
- Corporate Entity
- Trust Holding Insurance Bond
A popular choice is the Discretionary Trust this is because a Discretionary Trust is of particular interest in the offshore environment as the trustees are the legal owners of any assets. This provides a level of distance between the original Settlor and Potential Beneficiaries meaning that tax implications arising from the existence of the trust may be beneficial.

Chesterfield are highly experienced when it comes to establishing trusts and will be able to advise the best jurisdiction and structure to ensure that any resident issues are examined and the trust is established in order to minimize potential exposure to taxation issues.

If you would like more information regarding Trusts  please follow the link below or call us on our offices Telephone Number: 44 20 7097 1385
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