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"Svěřenský fond" - institute of intergenerational wealth preservation and succession
Skuhrovec, Michal ; Frinta, Ondřej (advisor) ; Thöndel, Alexandr (referee)
"Svěřenský fond" - institute of intergenerational wealth preservation and succession Abstract Thesis named "Svěřenský fond - institute of intergenerational wealth preservation and succession" is dedicated to describe institution of "svěřenský fond" from the perspective of a potential alternative or addition to a more traditional institutions of inheritance law. The aim of the thesis is to describe primarily its use to a purpose of family wealth preservation and succession. In order to fulfill this goal, the first part of the thesis analyses how fiducie/trust of Quebec made its way into Czech legislation. Main matter being the consequences adoption of a patrimony by appropriation caused. Second part follows historical roots of fiduciary institutes. It finds a persistent need for very similar fiduciary, trust-like institutes throughout history. The goal stays the same, a desire of families to preserve their wealth. Historical analysis, using an evolutionist paradigm, finds similarities between trust, modern fiduciary institutes and "svěřenský fond" which simply cannot be unseen. Based on this findings a hypothesis of a common ancestor is construed. Third part describes a newly acquired construction of trust-like institute, which was unseen in Czech law until 2014. It focuses on a result of transplantation of...
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Taxation of Trust Fund
Karas, Ladislav ; Boháč, Radim (advisor) ; Vybíral, Roman (referee)
The Trust Fund is for the Czech law a completely new institution, therefore its deeper legal examination and interpretation of its individual provisions is just at the beginning. It is generally regulated by the Act no. 89/2012 Sb., the Civil Code, as amended. The essence of the Trust Fund lies in the fact that the Settlor separates a specified part of his property and entrusts it to some purpose. This creates a separated property, to which has the original owner (the Settlor) no ownership rights. Management of this separated property performs the Trustee. However, he has no ownership of this property. Property in the Trust Fund does not belong to anyone, but the Trustee can dispose of it. The aim of this thesis is to comprehensively summarize and analyze the taxation of the Trust Fund according to the regulation applicable in 2014 and also after its revision in January 2015. The thesis identifies the problems and uncertainties in taxation of Trust Fund. It explains how these problems were solved by the revision of the Tax Law and in case of persisting uncertainties proposes solutions de lege ferenda. The thesis is divided into two main parts. The first part deals with the institution of Trust Fund. There is explained its essence, function and obligatory requirements. The second, main part of this thesis...
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Trust under Common Law versus the institute of "Svěřenský fond" under the new Czech Civil Code
Horn, Kryštof ; Elischer, David (advisor) ; Dvořák, Jan (referee)
The purpose of this thesis is to describe the functioning of trust in the common law jurisdictions and its expansion to the civil law countries. It also focuses on the brand new Czech institute "Svěřenský fond" (trust fund) introduced by the new Czech Civil Code and aims to analyse its nature in regard to its trust context. The thesis is composed of three chapters, each of them dealing with different set of "trust" issues. Chapter One is descriptive. It deals with the history of fiduciary relationships in the Roman, medieval, Austro-Hungarian and Czechoslovak law as well as the current statutory provisions governing administration of property of others and trust funds in the Czech Republic. It also addresses a number of current ambiguities that have arisen from the recent re-codification. The Second chapter is comparative. Part One includes introductory remarks concerning comparative law issues. Part Two describes the nature and functions of trust in the common law jurisdictions and explains the trust taxonomy. Parts Three and Four provide an outline of several mixed jurisdictions as well as civil law jurisdictions and maps their approach to trusts. Chapter Three is analytical. First part examines the theoretical discrepancies in the civil law and common law notions of property along with other...
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Taxation of trusts in the Czech Republic and its comparison with a taxation if "Treuhand" in Germany
Galuška, Pavel ; Novotný, Petr (advisor) ; Sejkora, Tomáš (referee)
My thesis addresses the fundamental issue and principles of trust taxation in the Czech Republic and it provides with its confrontation and comparison with a German equivalent, namely Treuhand. The purpose of this thesis is to describe and to compare the attitude of Czech and German legislation to the fundamental definitions of key terms within the taxation of Czech trust and German Treuhand respectively. Hereat I mainly focused on the issues of the subject of taxation, object of taxation and its assignment to the individual subject, tax base and also other key elements of taxation, when they were considered relevant. First of all to elaborate this thesis I analysed the current Czech and German legislation and treatises that are concerned with taxation of trusts in the Czech Republic and taxation of Treuhand in Germany and consequently made them a subject of a comparison. A content of the thesis composes of two main parts. In the first part there are both of the legal institutes introduced within the terms of civil law and their purpose. The second part deals with the essential elements of taxation within the context of compared legal institutes and specific taxes. The taxes that were chosen for comparison are personal income tax, corporate income tax, trade tax, real estate transfer tax, property...
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Trust fund in Business Relations
Sýkora, Milan ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
Trust Fund in Business Relations Author: Milan Sýkora Supervisor: prof. JUDr. Stanislava Černá, CSc. This diploma thesis deals with transplantation of trusts into the Czech Civil Code in the form of "svěřenský fond" (fiduciary fund) and with possibilities of this instrument in the world of commerce. The essential question is whether svěřenský fond is capable of replacing Anglo-Saxon trust in the following standard financial transactions: (i) syndicated loans, (ii) issues of bonds, (iii) subordination, (iv) securitization and (v) collective investment. In total, this thesis comprises of seven chapters, including the Introduction and the Conclusion. After an introduction, uncommonly, a prologue follows. This Prologue outlines a new, unusual instrument of the Czech law - svěřenský fond. It refers to the particular legislation and outlines questions that arise with this recently transplanted device. The third chapter defines trust using comparative law and deals with its historical development both on the British Islands and in the civil and mixed jurisdictions. The second subchapter argues that the so-called obstacles of trust reception into civil law are not based on solid arguments. Further, I describe experience of trust reception in selected civil law and mixed jurisdictions. In the fourth...
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Trust under Common Law versus the institute of "Svěřenský fond" under the new Czech Civil Code
Horn, Kryštof ; Šustek, Petr (referee) ; Elischer, David (referee)
The purpose of this thesis is to describe the functioning of trust in the common law jurisdictions and its expansion to the civil law countries. It also focuses on the brand new Czech institute "Svěřenský fond" (trust fund) introduced by the new Czech Civil Code and aims to analyse its nature in regard to its trust context. The thesis is composed of three chapters, each of them dealing with different set of "trust" issues. Chapter One is descriptive. It deals with the history of fiduciary relationships in the Roman, medieval, Austro-Hungarian and Czechoslovak law as well as the current statutory provisions governing administration of property of others and trust funds in the Czech Republic. It also addresses a number of current ambiguities that have arisen from the recent re-codification. The Second chapter is comparative. Part One includes introductory remarks concerning comparative law issues. Part Two describes the nature and functions of trust in the common law jurisdictions and explains the trust taxonomy. Parts Three and Four provide an outline of several mixed jurisdictions as well as civil law jurisdictions and maps their approach to trusts. Chapter Three is analytical. First part examines the theoretical discrepancies in the civil law and common law notions of property along with other...
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The Introduction of Trusts in the Czech Republic
Jelínek, Tomáš ; Teplý, Petr (advisor) ; Janotík, Tomáš (referee)
Complete recodification of the Czech Civil Code among other changes establishes trusts, a very flexible tool which can be used by both natural and legal persons. Countless possibilities for the utilisation of trusts range from charities through intergenerational transfers of property or pension securitisation to the managing of a corporation and investment activities. The core of this paper is an analysis of three basic elements of trusts: the description of trusts, monitoring and analysing of the contemporary development, and perception of trusts by Czechs. The thesis contains detailed description of rights and duties of the settlor, the trustee and the beneficiary, also compares the Czech and foreign processing and then points out some differences and offers various recommendations. A fully processed questionnaire survey and analysis of the collected data is an integral part of this work. Low literacy about trusts has been discovered and its impact has been assessed. The survey results demonstrate the necessity of establishment of competitive conditions together with fighting negative perceptions towards trusts. The investigation further revealed important as well as unimportant features of trusts to potential settlors. These findings could be significant for the future development in this area....
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Fiduciary
Hollmann, Jakub ; Dvořák, Jan (advisor) ; Thöndel, Alexandr (referee)
Autor in this doctor thesis follows and explain the topic of Fiduciary and special institute which is Trust in Czech civil code. Thesis is devided into eleven chapters and explain functionality of Fiduciary and trust in Czech Republic. Because of recent debates of an amendment of Fiduciary in Czech civil code, autor explaining and analyzing trusts in comparison with other countries, e.g.: England, Quebec, France, Germany, Italy, Liechtenstein. In this comparision author explaining possibilities of new amendments and giving proposals of de lege ferenda ideas.
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Fiduciary in comparative context
Hollmann, Jakub ; Elischer, David (advisor) ; Rozehnal, Aleš (referee) ; Lederer, Vít (referee)
Fiduciary in comparative context Abstract In this doctor thesis, the author is focused on explaining the historical context of the trust institute development, followed by comparison between jurisdiction in England, Lichtenstein, France, Germany and the Czech Republic. The author also points out differences between traditional common law and continental law systems. Even though the differences between local systems are quite significant, the trust system is gaining popularity across the countries for its flexibility of asset management. Just as the Quebec trust was inspired over time by the adjustment of the trust according to common law, the Czech legislator should proceed to amend the individual provisions of the trust fund so that its usability is as wide as possible. A different way from traditional common law has emerged in Germany, where Treuhand was created with German law leaving a wide margin of discretion and the codified part is a minority, as is the case with the French fiduciary. The great differences between the national regulations of trusts or trust-like institutes necessarily lead to the question of whether it is not appropriate to make certain legislative improvements. It is the comparison and knowledge of the most effective and flexible methods that allows us to make a correct and...
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Trust fund in context of tax law
Navrátil, Martin ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
Trust fund in context of tax law Abstract Trust fund is a relatively new legal structure in Czech legal system, embodied in the Civil Code with recodification of Civil law in 2014. Trust fund is constituted by appropriation of property from trustor for trustee's administration either for personal purpose or for purpose of general interest. The property does not turn into the property of trustee, beneficiary, nor does it stay the property of trustor. On the contrary it becomes separate and independent property without any owner. Trust fund is lackíng legal personality and is fully under the administration of trustee. The thesis focuses on trust fund under the Civil Code in the light of tax law. The objective of this thesis is to expound on and analyse current private law and tax law legal framework of trust fund, to assess the rate of embodiment of trust fund into Czech legal society and also to assess the success rate of proclaimed tax neutrality with tax regime of legal entities. Beyond above mentioned the thesis also offers the interpretation and solution of both known and by the author's point of view relevant though yet unknown problematic issues. The thesis consists of three parts. The first part of thesis focuses on the history of modern angloamerican trust and its ancestor known as "use," it also...
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