Offshore messenger - January 2017

Offshore messenger continues to highlight the key areas to assist offshore trustees, company directors and related professionals whose clients have UK connections.

Non-doms: time is running out

06 January 2017

The government has released further details, including draft legislation, on the changes to the taxation of non-doms and has confirmed that these will go ahead from April 2017, despite the new draft rules being incomplete, and with less than four months left until their effective date.

Long live the offshore trust

06 January 2017

Draft legislation published on 5 December finally provided much needed detail on the taxation of offshore trusts from 6 April 2017.

Managing the risk of the requirement to correct

06 January 2017

Under the proposed legislation, those with a UK tax liability relating to offshore income or assets, will have to ensure that their offshore tax affairs are up to date and fully compliant in the UK.

Update - inheritance tax on UK residential property

06 January 2017

On 19 August 2016 the government issued a new consultation. On 5 December 2016, its summary of the responses to the consultation was published, alongside the draft Finance Bill 2017, which provides more clarity on certain aspects of the proposals.