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New queries: Indian complexity; Taxi tax...

13 August 2013
Issue: 4415 / Categories: Forum & Feedback

...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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