FOUNDATION MANAGEMENT AND SET UP OR FOUNDATION FUND
Foundation management and set-up or foundation fund is considered as an association of assets, namely movable, immovable, financial and intangible for a specific purpose. A foundation is registered and regulated by the Charity Commision for England and Wales. A foundation fund is not established for the purpose of business and the use of the assets must be governed by the conditions laid down in the social contract or the founding charter. A foundation can be set up with assets value of at least £5000. The endowment may include movable and immovable assets, securities and money. Revenues from those assets are exempt from tax and the foundation may participate in the business of joint stock companies.
Foundations are part of the tax planning of each responsible holder and asset administrator. It depends very much on a properly chosen jurisdiction, where you can have a foundation.
Foundations are usually not subject to tax, however all depends on each indivual jurisdiction’s rules and regulations. It is necessary to monitor tax and legal framework of each jurisdiction to ensure you are kept informed about any changes within them.
A foundation is an excellent asset management tool, it has a legal personality, and assets embedded in a foundation are protected by investment treaties. With a foundation, you will separate assets from the original founder, but you can manage them. Another interesting advantage is also privacy protection. Assets embedded in a foundation fund are separate from the depositor. As the owner of the assets, the foundation is mentioned, also in all registers. The specific conditions for managing a foundation may vary, but in general the foundation's profits are not subject to taxation, and the tax liability does not apply to the transfer of assets to a foundation. However, once you place your asset into the foundation's wealth, it will forever be an asset of the foundation and will not be returned to the depositor even if the foundation is cancelled.
The establishment of a foundation or a foundation fund in the United Kingdom is subject to a wide range of regulations and directives, which is not easy to orientate. When setting out with the intention of establishing a foundation or foundation fund, please contact us without hesitation. We will prepare a concrete proposal and take care of the preparation of the whole process at the successful end of the newly established foundation or foundation fund, allowing you to be able to take advantage of its management.
If you own a property or several properties to be leased, you own copyrights, you have intellectual asset revenue, by setting up a foundation you will get the option of a profit with income tax exemption. Various artworks or copyrights could be in the assets of a foundation.
Is your situation suitable to set up a foundation?
How will you benefit from establishing a foundation fund?
Do you know what you need to prepare to set up a foundation?
We will be happy to answer those questions and help you with the set up of a foundation or foundation fund as well as its management in the future. Cooperation with us is worthwhile. Tax savings can reach interesting amounts, contact us as soon as possible! Our professional team will take care of everything necessary.
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