Forum Archive Index - February 2002

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Malcolm,

>
>
>Snoopy
>Have a look at Brierly investments move to incorporation in Bermuda
>and the unrealised capital gains tax implications in that if you had 
>a large shareholding to be paid to the government of Bermuda no 
>matter your country of residence. This my understanding of there 
>statement in tax implications of transfer to incorporation in 
>Bermuda. Please correct me if my understanding is incorrect.
>
>


I'm not sure of your point Malcolm.  I know that a lot of the 
dissatisfaction with the New Zealand FIF regime came from 
shareholders in Brierley Investments who had unwittingly become 
caught up in the FIF tax regime.

But if you are a New Zealand shareholder and resident you must comply 
with the New Zealand tax laws.  If you sell BIL shares your only tax 
liability, if you had made a capital gain, is to the government of 
New Zealand.  The government of Bermuda has nothing to do with it.   
Indeed, if you do your transaction through the New Zealand share 
registry the government of Bermuda may never know the transaction 
ever happened!

If you are a resident of Bermuda holding Brierley shares then all 
bets are off.  But somehow I don't think this is what you were 
talking about.   Perhaps you can explain your point a little 
more clearly? SNOOPY







---------------------------------
Message sent by Snoopy 
e-mail  tennyson@caverock.net.nz
on Pegasus Mail version 2.55
----------------------------------
"You can tell me I'm wrong twice, 
but that still only makes me wrong once."

----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/chat/forum/