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Will offshore trusts remain useful for wealth management in 2009, asks CAMILLA VIVIAN
KEY POINTS
- Inheritance tax advantages remain.
- Income tax and capital gains tax benefits watered down but still there.
- Succession laws and probate procedure in foreign jurisdictions can be avoided.
- Efficient centralisation and management of family wealth.
- Confidentiality and asset protection can be achieved.
Following FA 2008 the role of the trust and in particular the offshore trust has been the subject of considerable debate among tax professionals and of specific comment in the press.
The question for advisers and clients at the start of this new year is whether they remain a useful wealth management tool.
This article summarises the continuing advantages of offshore trusts for wealth management by UK resident but non-domiciled individuals.
There remain tax benefits but more importantly for wealthy families the trust provides significant non-tax benefits which...
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