Tighter offshore trust and tax regulation in budget says RSM
By Tom Carnegie, 14 Nov 17
A potentially misconceived public perception of offshore trusts and tax law is putting pressure on chancellor Philip Hammond to further tighten regulations in the upcoming UK budget, according to experts from consulting firm RSM.
Offshore trusts
Gary Haynes, RSM head of private client wealth, said while there is already robust legislation to tackle offshore trust tax avoidance, he was expecting to see further changes to prevent perceived abuses.
“For the most part Brits with offshore trust are already subject to a raft of legislation that prevents tax abuse.
“It is in my view that we are already on a trend where there is enough rules and legislation around offshore trusts, but I expect there will be a further general tightening of the rules,” Haynes said.
In the briefing RSM said it expects Chancellor Philip Hammond will announce anti-avoidance provisions will be included in the Finance Bill 2018.
It expects these provisions will come into effect from 6 April 2018 and will be in relation to payments and benefits made from offshore trusts intended for UK resident individuals when they are made via an overseas beneficiary or a remittance basis user, or to close family members of a UK resident settler.
Tags: Brexit | Budget | Paradise Papers | VAT | Wills And Trusts
