# Restructuring Trustee — ITA 103, 104, 104H | Psagot Equity > An ITA-approved trustee for tax-deferred share exchanges, asset transfers and mergers, engaged before the ruling and through the deferral period. Canonical: https://psagotequity.co.il/restructuring-trustee-103-104 ## Trustee services for tax-deferred restructurings. Trustee for share consolidations, asset transfers and mergers under Sections 103, 104 and 104H of the Israeli Income Tax Ordinance. A trustee approved by the Israel Tax Authority, with pre-ruling expertise, so the structure is sound before it starts. Neutral, independent custody through the entire deferral period. [Talk to an expert](https://psagotequity.co.il/contact) ### Custody through the deferral, done right. #### The ITA-approved trustee for tax-deferred restructuring Sections 103, 104 and 104H, end to end. Share consolidations, asset transfers and mergers under these sections depend on the trustee’s approval and the terms of the tax ruling. We serve as a trustee approved by the Israel Tax Authority. Psagot Securities is a TASE member; any custody or execution arrangements for a restructuring must be established for the specific transaction. - Restructuring trustee under the Income Tax Ordinance and the tax ruling - Custody under the transaction-specific trustee instructions - Withholding and reporting under the tax ruling #### Pre-ruling ITA expertise The structure is sound before it starts. A 103/104 restructuring lives in a multi-year deferral window, and the smart move is locking the ITA’s position in writing before closing. We support your tax counsel on the pre-ruling, from drafting through the answer, including the green-track forms, and we review the ruling’s trustee provisions before it is signed, so that every duty written into it is one that can actually be executed. - Pre-ruling drafting and submission supported, including green-track filings - Trustee provisions reviewed before the ruling is signed - Ongoing ITA engagement through the deferral period #### Neutral custody through the deferral Independent of the parties for the entire window. Deferral periods can run for years. Throughout, the assets need a custodian that cannot be pulled either way. As a non-bank, independent trustee, we sit outside the parties and outside their financial relationships. - Non-bank, independent trustee - Independent of the parties’ financial relationships - Annual reporting to the ITA on the structure’s events #### When a trustee is required Statutory in share exchanges. A ruling condition almost everywhere else. Under Section 104H, depositing the allotted shares with a trustee is a condition written into the law itself. In most other restructurings the requirement arrives through the tax ruling: whenever an Israeli asset or company moves under a foreign entity, or Israeli taxpayers enter a share-exchange merger, the ITA conditions the deferral on an Israeli trustee. Local statutory mergers and splits usually need none, and we will tell you so. - Section 104H share exchanges: trustee required by statute - Israeli assets moving under a foreign company: trustee required by the ruling - Local mergers and splits: usually no trustee needed #### The playbook, end to end Custody, withholding, reporting, release. The trustee’s duties run from closing to the final release: holding the allotted shares, withholding at every juncture the ruling defines, reporting each sale within its deadline, filing the annual report, notifying holders in writing before the deferral period ends, and releasing only against the ITA’s confirmation that the tax is paid. - Withholding at every juncture: share sales, cash consideration, interim dividends - Per-sale reporting within the deadline, plus the annual report - Release only against the ITA’s confirmation of payment ### From ruling to release. #### Trustee appointed to obtain the ruling. The trustee is needed in order to obtain the ruling: the application names us and the ruling defines our duties. We join before filing, support the drafting, and review the trustee provisions before signature so they can actually be executed. #### Trust agreement signed. Psagot Equity appointed as trustee; holding account and asset registry established; transfer restrictions applied per the ruling’s terms. #### Assets and shares transferred. Restructured assets and shares transferred to the trustee. The holding period begins and all transfer restrictions are enforced. #### Clearance and release. On ITA and regulatory clearance, assets and shares are released to the authorized parties and the trust is closed, with a full audit trail delivered. ### Common questions Direct answers on restructuring trustee services. [Talk to an expert](https://psagotequity.co.il/contact) ### Related trust services #### M&A Paying Agent & Escrow Independent paying agent and escrow, native to Israeli law. [See more — M&A Paying Agent & Escrow](https://psagotequity.co.il/ma-paying-agent-israel) #### Tax Negotiation Escrow Neutral ITA escrow and segregated refund trusts, held until resolution. [See more — Tax Negotiation Escrow](https://psagotequity.co.il/tax-escrow-ita) #### 102 Trustee Section 102 trustee services, run right from first grant to exit. [See more — 102 Trustee](https://psagotequity.co.il/section-102-esop-trustee) ### Planning a corporate restructuring? Our team guides you from ITA ruling to closing. We move at deal speed. [Talk to an expert](https://psagotequity.co.il/contact) --- Site index: https://psagotequity.co.il/llms.txt Agent instructions: https://psagotequity.co.il/agents.md