July 2021 (Trusts)
01 July 2021
Trust Forms Updated and 2021 Annual Filing Deadline Postponed
The French Tax Administration released an updated annual trust form, “2181-TRUST 2”, just days before the deadline of 15 June 2021. Event report Form 2181-TRUST 1 was also updated. It is used to report any relevant changes to reportable trusts within one month of their occurrence.
These form updates include the new reportable details required under Ordinance 2020-115 published on 12 February 2020 (see our Autumn French Tax Bulletin). Indeed, the forms’ sections relating to beneficiaries must include any individuals, regardless of whether they are beneficiaries, who exercise an effective control over the trust or “similar functions”, if they are not already stated in the trustee or settlor sections. The full details of any protector must also be stated. In the absence of any dedicated “protector” section these will figure in the beneficiaries’ section, which may lead to confusion.
On 12 July 2021, the administration announced the postponement of the annual reporting deadline to 15 September 2021.
All the above is of course too late for most trustees, who will have diligently filed within the 15 June deadline using the forms available at the time. Thankfully, the French administration confirmed that there is no need to refile. Note, however, that event reporting is still due within one month of any reportable event or amendment.
For further information or advice, please contact
Should you have any queries please contact Virginie Deflassieux or Catherine Le Pelley.
This publication has been carefully prepared, but it has been written in general terms and should be seen as containing broad statements only. It cannot be relied upon to cover specific situations without obtaining professional advice.
BDO is the brand name of the BDO network and for each of the BDO member firms.
© 2021 BDO Limited. All rights reserved.