Why Expats need to be alerted to Section 615(6) Trusts
Event on 2012-06-13 13:00:00
Why Expats need to be alerted to Section 615(6) Trusts
A complimentary "Afternoon Workshop"
Wednesday, 13th June 2012 from 12.00PM – 2.00PM
CPD: 2hrs
Overview
This workshop is an absolute "must attend" for any Expatriates, plus any professional advisers, benefits managers or similar who are in some way involved with, or responsible for, the financial planning and pension benefits of Expatriates. UK Resident Section 615(6) Trusts are bona fide pension arrangements and they offer substantial advantages that all interested parties should be made aware of.
Why are Section 615(6) Trusts so Important to Expats?
Section 615(6) Trusts allow United Kingdom Limited Companies to establish legitimate retirement benefit packages for employees who have duties outside the United Kingdom, where members can enjoy highly favourable advantages that represent an unrivalled combination of benefits.
What are the main benefits offered by Section 615(6) Trusts?
1. Pension rights may be taken entirely as a cash sum
2. On leaving relevant service, the cash sum can be taken from a minimum age of 18
3. Employer contributions are allowable against Corporation Tax in the UK
4. Employee contributions are permissible
5. Generous contribution levels are permitted by the Pension Scheme Office
6. A member of a Section 615(6) Trust can concurrently be a member of a UK registered pension scheme
7. A UK tax resident can be a member of a Section 615(6) Trust in respect of overseas duties
8. The Section 615(6) Trust is a tax efficient way of overcoming normal contribution restrictions
9. Whilst self employed individuals cannot become members of a Section 615(6) Trust, creating a UK employment structure or joining an umbrella employment structure is a perfectly viable alternative for many
To book a place please click on Register towards the top of this page
Who should make sure they attend a Workshop on Section 615(6) Trusts?
Any individual that may be eligible to become a member, plus their professional advisers, financial planners, those responsible for benefit arrangements in companies that have members of staff working overseas, and those that routinely come into contact with Expatriates who may wish to introduce relevant parties.
As such, Expatriates, those planning on becoming Expatriates, Accountants, Pensions Lawyers, Employee Benefit Consultants, IFA's, HR Directors, Benefits Mangers, Pensions Managers, International Wealth Managers, Payroll Managers, Payroll Software Providers, Finance Directors, Chairs of Remuneration Committees, Chairs of Expatriate Forums, Pensions Media Professionals, Tax Planners, International Relocation Agents and similar are welcome to attend one of these educational and complimentary workshops.
Why is it so important to become aware of Section 615(6) Trusts now?
The four organisations involved with running the workshops are launching a breakthrough arrangement that provides a straightforward Section 615(6) solution. As a consequence, these normally complex and out-of-reach Trusts are now even more compelling from a financial, operational and taxation point of view. We urge any potential member and any individual that is directly or indirectly involved with advising and supporting Expats, plus of course Expatriates themselves to attend a workshop to ensure they are fully aware of the workings of these arrangements. During the course of 2012 it is going to become increasingly important to be aware of what is available.
The reason for wishing to attend a workshop may be personal; or for the insight gained to be of potential use by a client or a contact; or for the potential use by Expatriate members of staff; or simply for those looking for an exciting new solution to be the centrepiece of a business development campaign.
The precise reason for you wishing to attend doesn't really matter – what does is that you book a place quickly as seats are limited and demand is expected to be very high. Advisers are welcome to invite their clients by arrangement. Subsequent workshops can be arranged within the UK or overseas for suitable groups of Expatriates or relevant members of the advisory community, by appointment - we are keen to develop mutually-rewarding, collaborative relationships around this special opportunity.
To book a place please click on Register towards the top of this page
Who exactly are Section 615(6) Trusts for?
The Section 615(6) Trust is for individuals of any nationality who are carrying out duties outside the United Kingdom for a UK company, or an associated company elsewhere in the world, irrespective of domicile or residency.
There are therefore broadly three categories of people who can benefit from a Section 615(6)
Trust:-
1. Any employee of a UK Limited Company whose duties are conducted wholly outside the UK
2. Executives of multi-national employers of overseas parentage with a United Kingdom presence
3. Self employed or contracting Expatriates, of any nationality, who are working in any country outside the United Kingdom
Whilst these Trusts have been available for over 80 years, in more recent times the much greater incidence of cross-border employment has caused an increasing number of individuals to face problems in funding comprehensively for their future. Short-term secondments, overseas contracting, even permanent international placements can all disrupt long term financial planning.
Overseas appointments are not always compensated by higher remuneration packages, contracts are usually short term and, as a result, often no thought is given by employers to the provision of employee benefits, including pension funding.
The majority of overseas appointments do not offer a panacea to tax problems; in fact these often result in exposure to a significantly higher combination of tax and social security charges especially within the European Union.
Habitual expatriates in particular are therefore potentially at a disadvantage to those who remain in their country of origin.
Now expatriates have a unique opportunity to maintain pension-planning continuity and to secure tax deductible investment contributions to a gross fund. The Section 615(6) Trust is the first such vehicle to offer this combination of advantages.
What is a Section 615(6) Trust?
The Section 615(6) Trust satisfies the criteria established by the Pension Scheme Services, Overseas Schemes Section. Every scheme is submitted to, and accepted by, the Overseas Scheme Section, helping to ensure that the benefits will not subsequently be subject to challenge. This grants full pension scheme status to The Pension Trust, which is recognised internationally as a genuine pension arrangement.
It is because of The Section615(6) Trust acceptance status that contributions are allowable against Corporation Tax in the United Kingdom. Furthermore, The Section 615(6) Trust can accommodate a wide range of underlying investments including property; policies of assurance, direct equity holdings, fixed interest securities, collective investment schemes, money funds, property and cash deposits.
About your Presenters
Gary Draper, Managing Director of Section 615(6) Ltd will be the lead presenter. Gary has specialised in Section 615(6) Trusts for 15 years and has enabled over 900 individuals to access their many advantages. The workshop will be hosted by Andy Agathangelou, Head of Business Development & Training at Pitmans Trustees Ltd, who are The Corporate Trustee. In addition, there will be input from two other organisations that are working collaboratively to bring the new straightforward solutions to market – Platform 1 (providing the investment platform) and Premier Asset Management (providing the Discretionary Fund Management)
To book a place please click on Register towards the top of this page.
If you are unable to make a workshop (or the only workshop you can attend is already full) please contact Andy Agathangelou through aagathangelou@pitmanstrustees.com without delay.
We look forward to welcoming you!
at Postal code EC2V 6LR, United Kingdom
1 Crown Court
City of London, United Kingdom
Start-up False Starts – the Top 10 Legal Missteps of Start-ups
Event on 2012-06-07 18:00:00
What's the Workshop About?
This workshop is for entrepreneurs who are thinking about forming a start-up, or have recently started a business, and want greater insight on how to avoid the typical legal problems encountered by new businesses. Four professionals – a securities lawyer, an intellectual property (IP) lawyer, an immigration lawyer, and an international tax CPA – will discuss the most important legal issues to consider in the early stages of your business. Their presentations will provide information on how to protect your intellectual property rights, avoid tax surprises, handle immigration issues and ensure a smooth growth and exit.
Our Top 10 Legal Missteps List:
- Not forming a business entity.
- Choosing the wrong entity type.
- Not protecting your IP assets.
- Mismanaging your IP assets.
- Misunderstanding visa options when you start your own company.
- Mishandling employee arrangements and tax matters outside of the U.S.
- Operating with fuzzy founder or employment agreements (or, lack of agreements!).
- Failing to correctly compensate employees/founders/partners (e.g. stock options, salaries for S-Corp owners, retirement plans, and more).
- Ignoring your books.
- DIY lawyering/accounting/etc!
Come join us!
6:00pm – 6:30pm – Networking & Refreshments6:30pm – 7:30pm – Panelists & QA Session7:30pm – 8:00pm – Networking
Parking spaces are available for free in the Forum Building parking lot in front of the building. On street parking is also available.
Our Speakers Include:
Ashley Long – Founder of Ember IP: Ashley founded Ember IP to provide legal services that are truly compatible with the demands of emerging companies. Prior to founding Ember IP, Ashley worked in several prominent intellectual property and corporate practices in Massachusetts. She earned her B.A. degree in theatre from Alfred University and her J.D. degree from New England School of Law, where she was an associate editor for the NESL Journal of International and Comparative Law. Ashley has also taught the subjects of trademark law, unfair competition law, and copyright law at Boston area law schools. She was an adjunct faculty member at New England School of Law, and has served as guest lecturer at New England School of Law and Suffolk Law School. A native Pacific Northwesterner, Ashley is excited to be back home and building the Ember IP practice.
Carter Mackley – Co-Founder of Mackley & Mackley PLLC: Carter is a start-up company lawyer has practiced law 23 years. After earning his law degree at Columbia Law School in New York City he went to work for a prominent Wall Street firm. He "retired" after three years to pursue mountain climbing and kayaking. Taking a part-time job as a deputy prosecutor, he eventually served as county prosecutor in Blackfoot, Idaho. While in Idaho, he also formed his own start-up, a print magazine about bears. In 2000 Carter returned to business law, working at the Seattle office of an international law firm for 10 years. Two years ago, Carter opted for the low-overhead, virtual-firm style of practice, forming Mackley & Mackley PLLC with his wife Jennifer. They provide experienced, cost-effective counsel to start-up companies of all types, assisting entrepreneurs with entity formation, fundraising, general outside counsel matters, and exit transactions. Mackley & Mackley is an active sponsor of the Northwest Chapter of Keiretsu Forum, a collaborative effort by angel investors to screen, finance and promote the growth of start-up companies. Tahmina Watson – Founder of Watson Immigration Law: Tahmina Watson founded Watson Immigration Law to assist individuals and business entities with all investment visa matters, as well as all family-based and employment-based immigration matters. Tahmina is committed to providing high quality, cost effective, and efficient services at a very personal level. Her clients range from individuals to large multinational companies. Tahmina's firm serve clients all over the United States as well as all over the world. Prior to founding Watson Immigration Law, Tahmina was a partner at White & Watson from July 2006 to December 2008 practising exclusively in the area of U.S. Immigration and Naturalization law. Tahmina obtained her law degree and graduated from Brunel University, London, England in 2000. Tahmina is an active member of the pro bono community in Seattle, working with both the Northwest Immigrants Rights Project and the Access to Justice program at Seattle University.
Deniz Kiral – Owner of Turquoise Financial Advisory: Deniz Kiral is a Certified Public Accountant, with over 15 years of work experience in the financial services industry focusing on taxation and finance. He has extensive work experience with the Big 4 public accounting firms including PricewaterhouseCoopers, Ernst & Young, and Arthur Andersen, where he specialized in international taxation and taxation for high-net worth individuals. He now has his own tax and wealth practice, Turquoise Financial Advisory, in Bellevue. In addition to being a CPA, Deniz has an undergraduate degree from Ohio State University, a Masters degree in taxation from Miami University and a Masters in Science in Finance from the University of Illinois.
Questions?
Contact Ashley at ashley@emberip.com for more details.
at The Forum Building – Large Conference Room
1718 NW 56th St
Seattle, United States
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