Mr Steed, chief executive of the IITT, said: 'Joining up with the NCC is an excellent development for us and I am delighted to be working with such an established body who are synonymous with IT best practice, standards and quality.
Michael Gough, NCC's chief executive, said the NCC and IITT would now work together to address the shortfall in IT skills in the UK, supporting the Government's ambition to make the UK the world's leading knowledge economy.
As will be further discussed below, these trust rules provide the inner framework within which the IITT concept has been designed.
Other than the planning opportunities available with an IITT or a limited partnership, the standard type of planning to avoid the intangible tax has typically involved a manipulation of the various exemptions discussed above.
However, if structured with the proper mix of cooperating parties, this author's law firm has found that this very result is achievable through the use of an IITT.
Based upon the taxable situs rules discussed above and the specific rules which are applicable to trust arrangements, the key components of the IITT concept are: 1) a trustee which is not a Florida resident; 2) a taxable situs of trust assets outside of the State of Florida; 3) trust provisions which are specifically designed to avoid beneficiary taxation under F.
In order to achieve these objectives, the IITT has been developed with several key elements.
Based upon numerous technical assistance advisements (TAAs) which have been obtained by this author's firm from the Florida Department of Revenue, it has been established that if an individual transfers intangible assets into a properly drafted IITT before the end of the year and, subsequent to January 1 of the following year, the assets are distributed by the trustee back to the beneficiary, then such assets will be treated as owned by the IITT as of January 1 and the assets will not be subject to the intangible tax.
A key factor in this analysis is the ability to make continued use of the IITT instrument beyond the initial year in which it is established.
Colin Steed, chief executive of the IITT
, said: 'John Hall's pioneering work for the Ministry of Defence in the 1980s has helped to make e-learning what it is today.
Organisations contacting the IITT for training venues and facilities would be assured that accredited venues were of a high standard, while venues receiving the accreditation would be able assess objectively their strengths and weaknesses and use as a benchmark for improvement.
The IITT aims to raise standards within the IT training profession within the corporate, vendor and training provider sectors through a range of means including individual certification, accreditation, developing and maintaining training standards, and professional development.