Potential loophole for non-doms to avoid charge

PIFs can be set up in tax-favoured Liechtenstein or Panama. The structure is a continental European civil law device similar in purpose to a trust. Its function is to legally separate an individual or individuals from their assets, and it is constituted as a self-owning entity with no ultimate controller or owner. Because a foundation is treated legally as a private limited company, it falls outside the scope of anti-trust legislation. A PIF could also benefit those owning property in the UK. From 6 April 2008, UK resident non-doms beneficially owing UK property through an offshore company...