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Offshore trusts: what is the big deal?
Key points
- Particular criteria need to be met for a trust to be non-resident.
- The governing law of the trust is not relevant in determining its tax resident status.
- Offshore jurisdictions offer advantages which are not available to trusts set up in the UK.
- The UK has a sophisticated regime for the taxation of trusts be they onshore or offshore.
It is not often that trust law practitioners expect to see the tool of their trade the subject of news stories. However trusts specifically offshore trusts have featured in the media in recent months on account of news stories emanating from the UK’s political theatre. Setting political matters to one side in view of the complexity surrounding the use of offshore trusts it is perhaps useful to remind ourselves of their basic facets.
What is an offshore trust?
Without intending to overstate matters it is...
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