Since 1927 the leading authority on tax law, practice and administration

Offshore matters

© Copyright LexisNexis 2024. All rights reserved.

27 May 2008 / Phillip Dearden

Issue: 4160 / Categories: Comment & Analysis , Capital Gains , Residence & domicile

PHILLIP DEARDEN casts his eye over the proposed new rules affecting offshore trusts

KEY POINTS

Non-resident companies' capital gains will be taxable on UK resident shareholders
Offshore funds which qualify for distributor status may have to follow new reporting rules
Clear legislation on residence would be welcome

A number of offshore-related changes to UK legislation were contained in both the 2008 Budget and the Finance Bill. There had been much trailing of changes to the way that non-domiciliaries are taxed. These were followed by suggestions draft legislation and then a Finance Bill.

The Bill pulled back from some of the earlier proposals which had been suggested regarding the way that non-domiciliaries who are resident in the UK are taxed. (See my articles Domicile and residence and A lot of thinking to do! for consideration of these various proposals.)

The non-domiciliary changes are not the only implication for offshore trusts as there are...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Offshore matters

© Copyright LexisNexis 2024. All rights reserved.

27 May 2008 / Phillip Dearden

PHILLIP DEARDEN casts his eye over the proposed new rules affecting offshore trusts

KEY POINTS

Non-resident companies' capital gains will be taxable on UK resident shareholders
Offshore funds which qualify for distributor status may have to follow new reporting rules
Clear legislation on residence would be welcome

A number of offshore-related changes to UK legislation were contained in both the 2008 Budget and the Finance Bill. There had been much trailing of changes to the way that non-domiciliaries are taxed. These were followed by suggestions draft legislation and then a Finance Bill.

The Bill pulled back from some of the earlier proposals which had been suggested regarding the way that non-domiciliaries who are resident in the UK are taxed. (See my articles Domicile and residence and A lot of thinking to do! for consideration of these various proposals.)

The non-domiciliary changes are not the only implication for offshore trusts as there are...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Issue:

4160

Categories: Comment & Analysis [1] , Capital Gains [2] , Residence & domicile [3]

SourceURL:

Links:

RELATED ARTICLES

Domicile and residence

READERS' FORUM premium icon

Tax tip: National Insurance contributions Readers’ forum: Treatment of shares in freehold on disposal Readers’ forum: Sale of personal collection of rare dolls Readers’ forum: HMRC’s attitude to failed R&D claim Readers’ forum: Order of reliefs after donor’s unexpected death

FIVE WAYS TO MAKE ACCOUNTS PRODUCTION AND TAX EASIER.
Download the exclusive Xero
free report here.

New queries

Please email any questions you might have
to: taxation@lexisnexis.co.uk.

NEWS

Returns submission when exempt from MTD for VAT Spotlight targets disguised employment income scheme Massive hike in VAT receipts in 2023-24 EU council agrees on VAT in the digital age package Private schools challenge VAT on fees

Third slide

Deadline dates for December 2024

CASES

Recovery of an invalid refund Interactions with HMRC’s online system Expenditure was not subsidised Legitimate expectation after HMRC instruction Failed sub-sale scheme results in higher liability

MOST POPULAR

This week's opinion: 14 November 2024 Returns submission when exempt from MTD for VAT Spotlight targets disguised employment income scheme Massive hike in VAT receipts in 2023-24 EU council agrees on VAT in the digital age package

back to top icon