Offshore trusts lose tax break

The UK Government has published draft legislation in relation to its proposals to change the tax regime in respect of resident non-domiciled individuals. While this legislation confirmed the changes as originally announced, it also seemed to go a lot further than previously thought, particularly in respect of offshore trusts. One of the most attractive features of the current regime for non-doms in the UK is that the harsh anti-avoidance provisions applicable to offshore trusts do not apply to those created by non-UK domiciled settlors. These advantages are most pronounced in respect of c...