Article Written By Ulysses Relocation

Protecting Your Assets in Italy: Costs and Benefits of Trusts Under Italian Law.

Protecting Your Assets in Italy: Costs and Benefits of Trusts Under Italian Law.

Even though there is no specific law for trusts in Italy, the country does recognize them thanks to The Hague Convention established in 1985.

Introduction to Trusts in Italy

First of all, let’s briefly explain what a trust is. A trust is a legal arrangement, formalized through a deed, whereby the owner of an asset can transfer it to a third party (the trustee). The trustee manages and administers this asset for a specified period, acting independently in the interest of multiple beneficiaries, who can be children or other individuals. This can also be done to achieve a particular purpose.

A trust can also include the appointment of a guardian, who supervises the actions and behavior of the trustee.

Many people believe that only real estate can be placed in a trust. In reality a trust can also include company shares, stocks, money, mutual funds, gold, artworks, and much more.

Trusts can be created by Italian nationals or residents, called resident trusts. Or by foreign people or companies not taxed in Italy, which are non-resident trusts.

What does a trust entail?

The asset entrusted to the trustee temporarily leaves the owner’s control; in essence, it is as if it no longer belongs to the owner. Both ownership and bare ownership can be transferred, but what is interesting is that by transferring the asset to the trustee, the owner ensures that the asset cannot be claimed by future creditors of the settlor or the beneficiary (or even the trustee!).

The income generated from the activities of the asset (e.g., rental income, returns from investment funds, etc.) is produced by the trust and managed by the trustee, so this income is also protected from future creditors. This is because the trustee is fully responsible for the asset—though only temporarily—and must keep the accounts and handle the asset’s management.

Now you might wonder, since the trustee is responsible for the asset, if they encounter issues with tax authorities or financial institutions, can the asset be claimed? Absolutely not. The trustee is merely the manager of the asset, not its owner! This brings us to a significant advantage of trusts: in a trust, the asset is segregated and cannot be claimed either for actions against the original owner or the trustee.

A trust can be used, for example, by a company to separate family assets from business assets, as an inheritance tool, or after a marital separation to ensure the asset’s availability to the children.

Types of Trusts in Italy

In Italy, trusts fall into different categories. One key difference is between resident and non-resident trusts. Resident trusts are made by Italian people or companies. Non-resident trusts are from foreign individuals or companies not taxed in Italy.

Resident Trusts

Resident trusts, known as trusts italiani, come from Italians or companies settled in Italy. They follow Italy’s trust and tax laws. This includes needing to register and get a tax and VAT number.

Non-Resident Trusts

Non-resident trusts come from foreigners not living in Italy for tax purposes. These trusts also follow italian trust regulations. But, they face different tax rules and requirements than resident trusts.

Transparent vs. Opaque Trusts

Trusts in Italy can also be sorted by how much they tell about who benefits from them. Transparent trusts, or trusts trasparenti, share details about who benefits. While opaque trusts, or trusts opachi, keep that info private. Choosing between these can affect the costs and benefits of managing the trust in Italy.

See also  4 Mistakes to avoid when learning Italian

Key Parties in an Italian Trust

In Italy, the settlor and the trustee play important roles in a trust. They handle the costs, benefits, and legal stuff. When it’s about passing on properties or assets, the beneficiaries join in. For a trust to be valid, a written agreement between the settlor and trustee is required. But, sometimes a spoken agreement is also okay.

The Settlor

The settlor could be a person or a business. They create the trust and give the assets to the trustee. The settlor gets to decide how the trust is run and how its property is used.

The Trustee

The trustee looks after the trust’s assets based on what the settlor decided. It’s important that the trustee isn’t connected to anyone owning the trust’s assets. They have to follow legal rules very carefully.

Trustees can’t get any special benefits from the trust, unless the law allows it. They need to be careful and always act in the best interest of the beneficiaries. This includes making fair decisions for both the settlors and beneficiaries.

The Beneficiaries

Beneficiaries are those who get what’s in the trust in the end. It’s a trustee’s key job to make sure the beneficiaries’ rights are protected.

Establishing a Trust in Italy

Regarding the establishment of a trust, the procedures are pretty simple. The only requirement is a written form. In Italy, the common practice is to have the trust deed authenticated by a notary. For trusts that have beneficiaries who are vulnerable individuals (such as the elderly, disabled, or minors), it is advisable to establish the trust directly through a notarial public deed. A trust can also be established through a will.

It should be noted that the establishment of a trust, which involves creating the rules, appointing the trustee, and naming the beneficiaries (if they already exist), is different from the act of transferring assets into the trust. This transfer provides the trustee with the resources needed to execute the program defined and desired by the settlor. These activities can be carried out at different times, subsequent to the initial establishment of the trust.

Costs of Setting Up a Trust

The important news is that the registration tax is calculated at a fixed rate. What does this mean? On June 7, 2019, the Italian Supreme Court ruled that trusts are subject to a fixed registration tax, not one proportional to their value! This is because it involves a temporary, not a permanent, transfer. Additionally, the Regional Tax Commission of Lazio confirmed that the registration tax, cadastral tax, and mortgage tax (a few hundred euros) are fixed!

In any case, the costs involved in setting up a trust are mainly three:

  1. The cost of establishment: This will depend on the agreement reached with the professional drafting the trust deed, such as the notary’s fee. For more complex estates, it is also necessary to consider design costs, including feasibility studies at a legal and economic level, and the methods of asset allocation within the trust.
  2. The cost of transferring assets: The amount of these taxes depends on the type of assets (money, movable or immovable property) and the beneficiary. For example, if a parent transfers real estate into a trust for the benefit of their child as a beneficiary, inheritance and gift tax rules apply, with a tax-free allowance of 1 million euros; a sibling would have a tax-free allowance of 100,000 euros, and an unrelated party would be taxed at 4% on the entire amount. However, as already mentioned, according to a recent ruling by the Court of Cassation, taxation will not occur immediately upon the transfer of assets into the trust (since the trustee managing them is not the true recipient) but only at the time the assets are actually allocated to the beneficiaries, which happens much later: in practice, the same principles as gift tax apply. Nonetheless, the usual mortgage and cadastral taxes, which are applied at the time of transferring real estate into the trust, must be paid immediately, and these amount to a total of 3% of the value of the assets transferred.
  3. The cost of taxes and duties payable during the life of the trust (for example, if there is rented property producing income and subject to IMU) is regulated by the consolidated text on income taxes.
See also  Transfer of Foreign Workers Employed By Companies

Benefits of an Italian Trust

Italy’s trusts bring many benefits. They help protect assets, plan estates, and optimize taxes. They separate personal wealth from business debts, offering safety. Trusts are also great for passing wealth to the next generation smoothly. Depending on the trust type and beneficiaries, they also offer tax perks.

Common applications of trusts are found in the generational transfer of assets or company shares, the protection of vulnerable individuals, safeguarding informal relationships such as cohabitation, planning and managing family financial and income interests, and as a security measure in place of guarantees.

It is a misconception that creating a trust requires large estates: there are trusts with minimal values where the true focus is not on the assets within the trust but on the purpose they aim to protect.

Risks of the Trust

The asset, like all types of assets, can be revoked. The estate is protected only from future events that may arise due to the owner’s actions. For example, if John transfers a real estate asset into a trust today and the tax authorities initiate an investigation tomorrow, the Revenue Agency cannot claim the asset after it has been transferred into the trust. However, if John establishes a trust today but receives a tax assessment from the previous year, the asset can be subject to revocation.

Annulling or Dissolving a Trust

Trusts in Italy can bring great benefits, but it’s essential to know when they could dissolve. If a trust in Italy doesn’t describe its beneficiaries clearly, hasn’t been righty managed, or has serious faults, it might be annulled.

Grounds for Annulment

The Italian trust regulations explain when a trust can be annulled. This might happen if the trustee doesn’t do their job well. For example, if they don’t look after the trust’s assets properly or don’t act in the beneficiaries’ best interests. Also, if the trust’s goals or who it’s meant for isn’t clear, that could lead to an annulment too.

Dissolution Process

When a trust’s problems can’t be quickly solved, special actions will be taken by the authorities. This might lead to the trust being dissolved. For more info on when a general trust institution in Italy can be dissolved, getting advice from experts is advised.

See also  Lang Learning: Lots Of Work, Little Results? A Polyglot's Advice

Trusts for Individuals and Businesses

Both people and businesses can make trusts in Italy with our help. Many business owners want to keep their personal assets safe from company debts.

Asset Protection for Companies

Setting up a trust in Italy helps business owners protect their personal assets. It keeps business debts away from what you own personally. This way, your personal money stays safe from your business’s risks and debts.

Estate Planning for Individuals

Trusts in Italy are also great for planning your estate. They help in sharing your assets as you wish, making things easier for your loved ones. Our team can help you set up a trust in Italy for your estate planning. This will meet your goals and follow the general trust institution in italy: costs, benefits and law requirements.

FAQ

What is a trust and how is it recognized in Italy?

A trust is an independent legal setup. It plays a key role in estate planning and other uses. Italy respects trusts, whether local or foreign, under the Hague Convention. This convention guides the creation of trusts.

What are the different types of trusts in Italy?

In Italy, trusts are grouped by who starts them: by Italians (resident trusts) or by non-Italians (non-resident trusts). Trusts may also be either clear (we know who benefits) or secretive (we don’t know who benefits).

Who are the key parties involved in an Italian trust?

The key players in an Italian trust are the one who creates it (settlor), the one who runs it (trustee), and those who benefit from it (beneficiaries).

What are the requirements for setting up a trust in Italy?

For a trust in Italy, you need a legal paper describing it. This paper includes the settlor, trustee, and who will benefit. The trust must also formally exist by getting a tax code and VAT number.

What are the rights and responsibilities of the settlor and trustee in an Italian trust?

The settlor decides how the trust is managed. This includes its money and where it’s invested. The trustee, on the other hand, must look out for what’s best for the settlor and those who will benefit. They are in charge of running the trust carefully.

Can a trust be annulled or dissolved in Italy?

Yes, a trust in Italy can be stopped if things don’t quite add up. For instance, if the people who should be getting benefits aren’t clearly listed, this could be a problem. The same goes if the trust isn’t managed correctly.
If these issues aren’t solved, the trust might have to be ended.

Can both individuals and businesses establish trusts in Italy?

Yes, in Italy, people and companies can make trusts. This can help business owners keep their personal things separate from business matters. It means what’s yours personally won’t get mixed up in paying off business debts.

How are trusts taxed in Italy?

Trusts in Italy must deal with taxes and have proper tax numbers. Taxes they face depend on th

Some More Articles You May Like Reading

We are Showing these articles on basis of the above article that you just read :)
Bank Letter for the Italian Investor Visa
Ulysses Relocation

Bank Letter for the Italian Investor Visa

The Italian Investor Visa offers a promising gateway for foreign entrepreneurs looking to fuel Italy’s economic growth while enjoying Italian tax benefits—all without the burden

Terms

  • You agree to post 5x per day the link to the real estate group for your chosen country. This should always be done in response to threads where you can reasonably post the link. (As and when Webinars become available sharing them in place of linking to the group is preferred)
  • You agree to record each post (When payments become due, you will need to show that you posted 25x in previous week) and so should take a screenshot of each post as you go.
  • You agree to contact companies that join and post in the group, introducing our partners link https://anyexpat.com/partners in order for us to quickly find new partners
  • You agree to remove spam as you happen upon it.
  • After 36 months you have the right to renew and at 0 cost at 25%. This is conditional on the following

    When asked to present screenshots for deals, you are able to do so and miss no more than 9x deals through the entirety of the agreement. This means that the work required to grow the network is being done consistently.

AnyExpat Will:

Send you 25% of all revenue generated via the following sources:

  1. Facebook Groups
  2. BLOG articles (GOOGLE SEARCH). Partner companies agree to blog for us as part ot their deal
  1. COMPANY SIGN-UP FEES, These typically range from 300GBP to 1000gbp you will take 25% and be paid on the day that AnyExpat receives the sign-up fee (*affiliate sign ups are excluded.)
  2. Back End Fees Typically we earn 25% of companies’ gross fees, Companies report monthly the outcomes of all referrals You will earn 25% of the total fees sent to AnyExpat ltd for the entire country excluding clients generated by our affiliates. Payments may include
    • Commissions on Real Estate Sales
    • Mortgage Services
    • Legal Services Accounting
    • 4. Financial Advisory and Wealth Management services
Make you a moderator in the groups for the selected country

OUR AFFILIATE SYSTEM  This is a bonus if you happen to have your own audience. You will be automatically approved to our affiliate system allowing you to earn 25% on any fees generated from your own audience (i.e. your own Facebook Profile, Twitter or you own website etc)

The agreement will run for 3 years from the day that you make the initial payment date

After 36 months you have the right to renew and at 0 cost at 25%. This is conditional on the following

When asked to present screenshots for deals, you are able to do so and miss no more than 9x deals through the entirety of the agreement. This means that the work required to grow the network is being done consistently.

Selling Terms And Conditions

OVERVIEW

This website is operated by AnyExpat Ltd. Throughout the site, the terms “we”, “us” and “our” refer to AnyExpat Ltd. AnyExpat Ltd offers this website, including all information, tools and services available from this site to you, the user, conditioned upon your acceptance of all terms, conditions, policies and notices stated here.

By visiting our site and/ or purchasing something from us, you engage in our “Service” and agree to be bound by the following terms and conditions (“Terms of Service”, “Terms”), including those additional terms and conditions and policies referenced herein and/or available by hyperlink. These Terms of Service apply  to all users of the site, including without limitation users who are browsers, vendors, customers, merchants, and/ or contributors of content.

Please read these Terms of Service carefully before accessing or using our website. By accessing or using any part of the site, you agree to be bound by these Terms of Service. If you do not agree to all the terms and conditions of this agreement, then you may not access the website or use any services. If these Terms of Service are considered an offer, acceptance is expressly limited to these Terms of Service.

Any new features or tools which are added to the current store shall also be subject to the Terms of Service. You can review the most current version of the Terms of Service at any time on this page. We reserve the right to update, change or replace any part of these Terms of Service by posting updates and/or changes to our website. It is your responsibility to check this page periodically for changes. Your continued use of or access to the website following the posting of any changes constitutes acceptance of those changes.

Our store is hosted on Shopify Inc. They provide us with the online e-commerce platform that allows us to sell our products and services to you.

SECTION 1 – ONLINE STORE TERMS

By agreeing to these Terms of Service, you represent that you are at least the age of majority in your state or province of residence, or that you are the age of majority in your state or province of residence and you have given us your consent to allow any of your minor dependents to use this site.

You may not use our products for any illegal or unauthorized purpose nor may you, in the use of the Service, violate any laws in your jurisdiction (including but not limited to copyright laws).

You must not transmit any worms or viruses or any code of a destructive nature.

A breach or violation of any of the Terms will result in an immediate termination of your Services.

SECTION 2 – GENERAL CONDITIONS

We reserve the right to refuse service to anyone for any reason at any time.

You understand that your content (not including credit card information), may be transferred unencrypted and involve (a) transmissions over various networks; and (b) changes to conform and adapt to technical requirements of connecting networks or devices. Credit card information is always encrypted during transfer over networks.

You agree not to reproduce, duplicate, copy, sell, resell or exploit any portion of the Service, use of the Service, or access to the Service or any contact on the website through which the service is provided, without express written permission by us.

The headings used in this agreement are included for convenience only and will not limit or otherwise affect these Terms.

SECTION 3 – ACCURACY, COMPLETENESS AND TIMELINESS OF INFORMATION

We are not responsible if information made available on this site is not accurate, complete or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is at your own risk.

This site may contain certain historical information. Historical information, necessarily, is not current and is provided for your reference only. We reserve the right to modify the contents of this site at any time, but we have no obligation to update any information on our site. You agree that it is your responsibility to monitor changes to our site.

SECTION 4 – MODIFICATIONS TO THE SERVICE AND PRICES

Prices for our products are subject to change without notice.

We reserve the right at any time to modify or discontinue the Service (or any part or content thereof) without notice at any time.

We shall not be liable to you or to any third-party for any modification, price change, suspension or discontinuance of the Service.

A flat rate of 20% is due on all sales is retained by AnyExpat Ltd, this includes postage costs so price your items to consider this.

SECTION 5 – PRODUCTS OR SERVICES (if applicable)

Certain products or services may be available exclusively online through the website. These products or services may have limited quantities and are subject to return or exchange only according to our Return Policy.

We have made every effort to display as accurately as possible the colors and images of our products that appear at the store. We cannot guarantee that your computer monitor’s display of any color will be accurate.

We reserve the right, but are not obligated, to limit the sales of our products or Services to any person, geographic region or jurisdiction. We may exercise this right on a case-by-case basis. We reserve the right to limit the quantities of any products or services that we offer. All descriptions of products or product pricing are subject to change at anytime without notice, at the sole discretion of us. We reserve the right to discontinue any product at any time. Any offer for any product or service made on this site is void where prohibited.

We do not warrant that the quality of any products, services, information, or other material purchased or obtained by you will meet your expectations, or that any errors in the Service will be corrected.

SECTION 6 – ACCURACY OF BILLING AND ACCOUNT INFORMATION

We reserve the right to refuse any order you place with us. We may, in our sole discretion, limit or cancel quantities purchased per person, per household or per order. These restrictions may include orders placed by or under the same customer account, the same credit card, and/or orders that use the same billing and/or shipping address. In the event that we make a change to or cancel an order, we may attempt to notify you by contacting the e-mail and/or billing address/phone number provided at the time the order was made. We reserve the right to limit or prohibit orders that, in our sole judgment, appear to be placed by dealers, resellers or distributors.

You agree to provide current, complete and accurate purchase and account information for all purchases made at our store. You agree to promptly update your account and other information, including your email address and credit card numbers and expiration dates, so that we can complete your transactions and contact you as needed.

For more detail, please review our Returns Policy.

SECTION 7 – OPTIONAL TOOLS

We may provide you with access to third-party tools over which we neither monitor nor have any control nor input.

You acknowledge and agree that we provide access to such tools ”as is” and “as available” without any warranties, representations or conditions of any kind and without any endorsement. We shall have no liability whatsoever arising from or relating to your use of optional third-party tools.

Any use by you of optional tools offered through the site is entirely at your own risk and discretion and you should ensure that you are familiar with and approve of the terms on which tools are provided by the relevant third-party provider(s).

We may also, in the future, offer new services and/or features through the website (including, the release of new tools and resources). Such new features and/or services shall also be subject to these Terms of Service.

SECTION 8 – THIRD-PARTY LINKS

Certain content, products and services available via our Service may include materials from third-parties.

Third-party links on this site may direct you to third-party websites that are not affiliated with us. We are not responsible for examining or evaluating the content or accuracy and we do not warrant and will not have any liability or responsibility for any third-party materials or websites, or for any other materials, products, or services of third-parties.

We are not liable for any harm or damages related to the purchase or use of goods, services, resources, content, or any other transactions made in connection with any third-party websites. Please review carefully the third-party’s policies and practices and make sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party.

SECTION 9 – USER COMMENTS, FEEDBACK AND OTHER SUBMISSIONS

If, at our request, you send certain specific submissions (for example contest entries) or without a request from us you send creative ideas, suggestions, proposals, plans, or other materials, whether online, by email, by postal mail, or otherwise (collectively, ‘comments’), you agree that we may, at any time, without restriction, edit, copy, publish, distribute, translate and otherwise use in any medium any comments that you forward to us. We are and shall be under no obligation (1) to maintain any comments in confidence; (2) to pay compensation for any comments; or (3) to respond to any comments.

We may, but have no obligation to, monitor, edit or remove content that we determine in our sole discretion are unlawful, offensive, threatening, libelous, defamatory, pornographic, obscene or otherwise objectionable or violates any party’s intellectual property or these Terms of Service.

You agree that your comments will not violate any right of any third-party, including copyright, trademark, privacy, personality or other personal or proprietary right. You further agree that your comments will not contain libelous or otherwise unlawful, abusive or obscene material, or contain any computer virus or other malware that could in any way affect the operation of the Service or any related website. You may not use a false e-mail address, pretend to be someone other than yourself, or otherwise mislead us or third-parties as to the origin of any comments. You are solely responsible for any comments you make and their accuracy. We take no responsibility and assume no liability for any comments posted by you or any third-party.

SECTION 10 – PERSONAL INFORMATION

Your submission of personal information through the store is governed by our Privacy Policy. To view our Privacy Policy.

SECTION 11 – ERRORS, INACCURACIES AND OMISSIONS

Occasionally there may be information on our site or in the Service that contains typographical errors, inaccuracies or omissions that may relate to product descriptions, pricing, promotions, offers, product shipping charges, transit times and availability. We reserve the right to correct any errors, inaccuracies or omissions, and to change or update information or cancel orders if any information in the Service or on any related website is inaccurate at any time without prior notice (including after you have submitted your order).

We undertake no obligation to update, amend or clarify information in the Service or on any related website, including without limitation, pricing information, except as required by law. No specified update or refresh date applied in the Service or on any related website, should be taken to indicate that all information in the Service or on any related website has been modified or updated.

SECTION 12 – PROHIBITED USES

In addition to other prohibitions as set forth in the Terms of Service, you are prohibited from using the site or its content:

(a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information;

(g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral purpose; or (k) to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. We reserve the right to terminate your use of the Service or any related website for violating any of the prohibited uses.

SECTION 13 – DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY

We do not guarantee, represent or warrant that your use of our service will be uninterrupted, timely, secure or error-free.

We do not warrant that the results that may be obtained from the use of the service will be accurate or reliable.

You agree that from time to time we may remove the service for indefinite periods of time or cancel the service at any time, without notice to you.

You expressly agree that your use of, or inability to use, the service is at your sole risk. The service and all products and services delivered to you through the service are (except as expressly stated by us) provided ‘as is’ and ‘as available’ for your use, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement.

In no case shall AnyExpat Ltd, our directors, officers, employees, affiliates, agents, contractors, interns, suppliers, service providers or licensors be liable for any injury, loss, claim, or any direct, indirect, incidental, punitive, special, or consequential damages of any kind, including, without limitation lost profits, lost revenue, lost savings, loss of data, replacement costs, or any similar damages, whether based in contract, tort (including negligence), strict liability or otherwise, arising from your use of any of the service or any products procured using the service, or for any other claim related in any way to your use of the service or any product, including, but not limited to, any errors or omissions in any content, or any loss or damage of any kind incurred as a result of the use of the service or any content (or product) posted, transmitted, or otherwise made available via the service, even if advised of their possibility.

Because some states or jurisdictions do not allow the exclusion or the limitation of liability for consequential or incidental damages, in such states or jurisdictions, our liability shall be limited to the maximum extent permitted by law.

SECTION 14 – INDEMNIFICATION

You agree to indemnify, defend and hold harmless AnyExpat Ltd and our parent, subsidiaries, affiliates, partners, officers, directors, agents, contractors, licensors, service providers, subcontractors, suppliers, interns and employees, harmless from any claim or demand, including reasonable attorneys’ fees, made by any third-party due to or arising out of your breach of these Terms of Service or the documents they incorporate by reference, or your violation of any law or the rights of a third-party.

SECTION 15 – SEVERABILITY

In the event that any provision of these Terms of Service is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms of Service, such determination shall not affect the validity and enforceability of any other remaining provisions.

SECTION 16 – TERMINATION

The obligations and liabilities of the parties incurred prior to the termination date shall survive the termination of this agreement for all purposes.

These Terms of Service are effective unless and until terminated by either you or us. You may terminate these Terms of Service at any time by notifying us that you no longer wish to use our Services, or when you cease using our site.

If in our sole judgment you fail, or we suspect that you have failed, to comply with any term or provision of these Terms of Service, we also may terminate this agreement at any time without notice and you will remain liable for all amounts due up to and including the date of termination; and/or accordingly may deny you access to our Services (or any part thereof).

SECTION 17 – ENTIRE AGREEMENT

The failure of us to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision.

These Terms of Service and any policies or operating rules posted by us on this site or in respect to The Service constitutes the entire agreement and understanding between you and us and govern your use of the Service, superseding any prior or contemporaneous agreements, communications and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of the Terms of Service).

Any ambiguities in the interpretation of these Terms of Service shall not be construed against the drafting party.

SECTION 18 – GOVERNING LAW

These Terms of Service and any separate agreements whereby we provide you Services shall be governed by and construed in accordance with the laws of Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, BFP, G21BP, United Kingdom.

SECTION 19 – CHANGES TO TERMS OF SERVICE

You can review the most current version of the Terms of Service at any time at this page.

We reserve the right, at our sole discretion, to update, change or replace any part of these Terms of Service by posting updates and changes to our website. It is your responsibility to check our website periodically for changes. Your continued use of or access to our website or the Service following the posting of any changes to these Terms of Service constitutes acceptance of those changes.

SECTION 20 – CONTACT INFORMATION

Questions about the Terms of Service should be sent to us at [email protected].