Inland Revenue pushes ahead with trust reform

The UK Inland Revenue recently released its second round of consultation on the reform of the taxation of trusts. There are some important issues for offshore trust companies to consider that have arisen from the paper. Primarily, the document reaffirms the Revenue's proposals for the reform of the taxation of trusts in the UK. It is primarily aimed at UK resident trusts, and there will be no attempt to reform the largely complicated and punitive income tax and CGT anti-avoidance regime in place where UK resident and domiciled individuals set up offshore trusts. However, one area that wil...