Forum Archive Index - February 2002

["Malcolm Cameron" <malharcameron@hotmail.com>]

Snoopy If my understanding of Briely statements is correct this was a 
Bermuda type wealth tax on assests incorporated in Bermuda. If you owned 
them you are liable for Bermuda Tax. I no longer have the documentation, to 
quote the wording exactly but it was mentioned under tax implications for 
all shareholders of the change of incorporation.And think about this one to 
You buy Australian Shares through an Australian Broker and sell for A profit 
you are liable for australian capital gains tax (if the australian tax 
department gets strict)as all transactions occurred in australia


>From: "tennyson@caverock.net.nz" <tennyson@caverock.net.nz>
>Reply-To: sharechat@sharechat.co.nz
>To: sharechat@sharechat.co.nz
>Subject: Re: Re: [sharechat] Cullen to Introduce Wealth Tax - Confirmed
>Date: Sat, 23 Feb 2002 14:32:40 +0000
>
>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."
>
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