The use of trusts to avoid tax is virtually extinct, say advisers.
The closure of loopholes, including halting CGT exemption for non-doms
disposing of UK assets held within a trust, means tax advisers were loathe to
set up trusts for clients looking to minimise their tax bill, reported the
‘I think you’re going to see very, very few trusts for UK-based people. The
only real reason to take one out now is to create assets outside your estate for
inheritance tax purposes,’ said KPMG partner David Kilshaw.
The rule change for non-doms disposing of UK assets has seen UK properties
owned through offshore trusts put up for sale before the change comes into
effect in April.
Grant Thornton partner Mike Warburton said that the ‘super-rich’ would still
use trusts for long-term investing.
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans