Budget 2011: Osborne targets offshore pensions

George Osborne will target the offshore trusts - dubbed 'efurbs' - saying they are a form of "disguised remuneration", the Times reports. Closing the pensions loophole will mean the trusts will become subject to income tax at up to 50%. The Chancellor will this week deliver a Budget designed to kick-start Britain's flagging economic recovery. Measures expected on Wednesday include: A flat rate for non-doms Plans to merge income tax and national insurance, easing the administrative burden for all companies A bolstering of enterprise investment schemes and venture capital tru...