I am a trustee of an offshore trust settled by a UK resident non-UK domiciled settlor (with no UK origins) for the benefit of himself and his family. He previously opted to be taxed on the remittance basis. The trust holds only offshore investments. The settlor lent monies to the trustees and that loan remains outstanding. I am aware that as a long term UK resident the settlor was due be deemed domiciled in the UK from 6 April 2017 under new rules which were being introduced. Are these changes going ahead and if so will they have any impact on the way the trust is taxed?
The changes you mention were originally included in the March 2017 Finance Bill but were removed due to lack of parliamentary time when a snap general election was called. The new...
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I am a trustee of an offshore trust settled by a UK resident non-UK domiciled settlor (with no UK origins) for the benefit of himself and his family. He previously opted to be taxed on the remittance basis. The trust holds only offshore investments. The settlor lent monies to the trustees and that loan remains outstanding. I am aware that as a long term UK resident the settlor was due be deemed domiciled in the UK from 6 April 2017 under new rules which were being introduced. Are these changes going ahead and if so will they have any impact on the way the trust is taxed?
The changes you mention were originally included in the March 2017 Finance Bill but were removed due to lack of parliamentary time when a snap general election was called. The new...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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