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Categories:
Comment & Analysis
Trust taxation
KEY POINTS
- A UK non-domiciled tax resident could legitimately claim to be taxed on the remittance basis.
- Tax would only be due on UK earnings and remitted foreign income and gains.
- Wealth accumulated before arriving in the UK may be able to be remitted to the UK free from tax.
- The difference between loans and distributions from an offshore trust.
- Wealth and lifestyle do not always equate to a moral obligation to pay tax.
On 3 June 2019 BBC’s Panorama programme ‘The $10 billion energy scandal’ targeted Frank Timis a Romanian-Australian businessman (tinyurl.com/y3l6xsrg). The documentary investigated his acquisition and sale of a stake in gas licences off the coast of Senegal by way of an offshore trust and company structure.
I do not intend to comment on the other allegations made in the programme but some tax issues were revealed that are worthy of discussion. I should stress that I have...
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