COVID-19 and reporting obligations of trusts
As a reminder, trust administrators must declare by June 15 of each year at the latest the market value on January 1 of the goods, rights and products capitalised in the trust. This obligation applies when one of the beneficiaries, settlors, administrators or rights are located or domiciled in France.
Failure to comply with this obligation is punishable by a fine of 20,000 euros. In addition to this fine, an 80% surcharge is added to all tax reminders resulting from the failure to declare assets placed in these trusts. This declaration is mandatory for the exemption of persons not liable to the IFI (wealth tax).
Due to the pandemic, the government has extended the deadline for filing the declaration to 30th September.
Our team is at your disposal to advise you on how to comply with this declaration obligation.
For more information on this rule, please email our team [email protected]