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Offshore issues
KEY POINTS
- Proposed changes to taxation of offshore trusts have been dropped from Finance Bill 2017 but are likely to reappear.
- The effective date of the changes is now uncertain due to the June general election.
- It is proposed that the concept of ‘deemed domicile’ will be extended to all taxes if resident for 15 of the past 20 years.
- Finance Bill 2017 proposed a new exemption from the capital gains tax and income tax charge for protected settlements.
- Long-term UK resident non-doms should review offshore trusts and loan arrangements.
While recently advising a client on the forthcoming changes to the UK taxation of offshore settlor interested trusts I found myself scouring the internet for any commentary on the new legislation in Finance Bill 2017. The bill was published...
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