Station Road, Sidcup

How can we help?

Please fill in this form and we'll get back to you as soon as possible.

Please enter your name
Please enter your email address
Please enter your telephone number
Please enter a question
Please let us know how you heard about us
Please enter the verification code

We’ll only use this information to handle your enquiry and we won’t share it with any third parties. For more details see our Privacy Policy

Tax Net to Loosen for Trusts, Tighten for Offshore Affairs

In the recent Budget, the Government committed itself to a review of the operation of trust taxation in the UK.

Since reforms were introduced in 2006 to counter what appear to have been little-used tax avoidance schemes, trusts have been used less often owing to their complexity and the perceived risk that their use may become subject to even more penal taxation. Offshore trusts, on the other hand, have been made subject to tighter rules in the Budget.

Additional measures include extending from April 2019 the taxation of capital gains on UK assets by non-residents to include all immoveable property and an extension in the time period to at least 12 years for HM Revenue and Customs to probe offshore financial arrangements without having to prove deliberate non-compliance with UK law. The current time limits are usually four, six or 20 years, depending on the behaviour that led to the non-compliance.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.