The UK Government’s consultation paper on non-domicile status is “thin on the ground” when it comes to detail and, if introduced as proposed, will fail to treat some ‘non-doms’ fairly, according to tax experts.
Offshore trusts have been excluded from the UK Government’s plans to tighten its tax restrictions on non-domiciles.
Jersey-headquartered Bedell Trust has acquired a majority stake in Singapore Trust Company (STC) as part of its expansion plans in Asia.
The case of a woman who secured £164,000 from her mother’s will despite being excluded from it has led the life industry to recommend trusts as a more secure way to distribute wealth upon death.
HM Revenue & Customs has proposed strengthening the ‘hallmarks’ it uses to identify inheritance tax planning arrangements but has excluded certain types of trusts used alongside life assurance policies.
Old Mutual International has launched a campaign to promote “under-utilised” trusts among offshore advisers and will launch further support tools “shortly”.
Portugal is an increasingly desirable destination, thanks to its tax-friendly stance.
As many as 7,000 JP Morgan clients and £370m in assets are to be acquired by Hargeaves Lansdown as part of an ongoing effort to refocus its business on its strength: fund management.
The Russian Duma has introduced a voluntary disclosure program for all Russian citizens as it looks to stem the “offshorisation” of Russian money.
Many UK expats based in Portugal have retained their trusts, even though the Government introduced a tax of 28% on trust distributions from 1 January 2015.
Kevin Purtill, head of commercial at Prudential International explains how the company has seen record growth, thanks to its offshore bond offerings
Advisers must prepare clients for new tax and reporting requirements on trusts, as an inheritance tax (IHT) law introduced by the last Labour government reaches its tenth anniversary next March, Canada Life has warned.
