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Still going strong
KEY POINTS
- l Despite changes to the tax treatment of off shore trusts they sti ll have a role.
- l There is litt le change to the capital gains tax positi on protected sett lements.
- l Trustees and benefi ciaries need to be aware of the onward gift rules.
- l New rules on the remitt ance basic charge for sett lors who are not yet deemed UK-domiciled.
The taxation of offshore trusts has had a radical overhaul in the past 18 months and there has been speculation as to whether these changes will lead to their demise. In our view this is unlikely and they can continue to play an important role.
However there will be an increased emphasis on the trustee in the new regime. Previously for settlor interested...
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