E&Y wants tax-free trusts for foreigners
Chancellor Gordon Brown should introduce tax-exempt trusts for non-residents when he makes his Budget speech next month, says Ernst & Young.
Paul Knox, director of private client services at E&Y, said the government should look at the many overseas individuals who liked using the UK to set up trusts because of their confidence in the legal system and the strength of its financial advisory sector.
He said introducing such tax exempt trusts for non-residents would mean ‘many new jobs for people in the financial services sector, all of them paying UK tax and contributing to the economy’.
The Budget speech takes place on 17 March.