Step-Up For Individuals In Luxembourg Tax Measures Bill Is Positive Move Says Ogier Tax Partner

Luxembourg's long-awaited "step-up" for individuals who become Luxembourg resident as of tax year 2015, has been greeted as a positive step by an Ogier tax specialist.

"The Luxembourg government has taken a major step in the right direction to attract individuals to Luxembourg," said Luxembourg partner Caroline Bormans.

As a result of Bill 6891 the Luxembourg administration will renounce its right to tax capital gains accumulated by the individual while residing outside of Luxembourg.

The measure applies to capital gains on substantial participations and on convertible loans granted to entities in which such substantial participation is held.

The Bill also abolishes the minimum corporate income tax and...