Simon, a resident of Israel, registered at the Land Registry (Tabu) as the owner of a residential dwelling. Simon would like to transfer the ownership rights to the apartment named after another person (attorney), in order that it will hold in trust for the apartment.
Transfer the property trustee must record named trustee ownership at the Land Registry. Bureau of Land Registration requires to tax receipts or tax exemption certificate for the registration of title named trustee. Is this taxable at all? And how to report it if at all?
There is no answer to these questions from real property tax law on real estate assets in Israel (do not undertake to tax under Part B payable MOU), that distinguish enjoyed trustee transfer or regulated in Article 69 of the Law. Reviewing the law shows that Article 3 of the law alone, it stands to reason that is deals only with the trusts created by operation of law, rather than a private trust, as in the case described above, there is no reference to any such transfer is made to the trustee in trust.
On his face, because under Chapter trusts Income Tax Ordinance also governs assets are real estate assets in Israel (see definition of ?property? in Article 75 C of the Ordinance), transfer of property to the trustee in trust of the kind described above is not taxable, so the transfer of real property does not have taxable. But the arrangement permanent command loyalties chapter states that this transfer will not know the matter part of the Ordinance. He says nothing about the real property tax law.
We believe this is not a bad arrangement, or laconic yet arranged her legislature enacted the law after a period of loyalties command. Because it stands to reason that there is no logic in creating a distinction between the transfer of assets that are not real estate or real property transfer, the trustee in trust of the kind described above seems to us that this case should complete the laconic analogy arrangement appears in the command. In both cases, there is a purpose of the legislation that is not a transfer of property taxation, attributable for tax purposes after the transfer, transferor.
Trusts Taxation Committee also appointed ? by the tax authority gave her opinion on this issue and noted in its conclusions that there is no basis for distinguishing between real estate and other assets regarding the arrangements that apply to trusts.
Thus, it seems that the transfer of real property trustee of the trust of the kind described is not a selling point too real property tax law. Beautiful things, even if Simon was enjoying the trust documents provides another resident of Israel under him or another about him (loyalty residents of Israel) and even if Paul was a foreign resident and not resident in Israel (loyalty creates a foreign resident). Not the case when all trust beneficiaries are nonresidents.
Since it is a sale of property, like inheritance (which is expressly under Article 4 of the law is not a sale), Simon had not expected to report on action property tax and tax receipts to show the property registration named trustee at the Land Registry.
Nevertheless, the Land Registry Office requires tax receipts from Simon, though not a sale under the law that requires reporting to property tax. How to do it? The answer is not clear due to the IRS requirement, which is contrary to our opinion, the correct interpretation of the legal situation.
The conclusion is that there is as substantial and procedural law and order which requires an explicit series are in the tax treatment of real estate assets in question in the law and held in trust and in the way of reporting property tax and land registry office for the purpose of recording the transaction.
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