Non-UK resident trusts with living, UK resident, non-domiciled settlors and which currently benefit from the Protected Trust regime will face significant changes from 6 April 2025 onwards. Settlors and trustees should begin taking advice now on the possible implications of those changes for them and what they might do to mitigate any adverse consequences. Ideally, they would then be ready to implement any appropriate planning once the ambiguities in the new rules have been clarified and after Labour have indicated whether they intend to make any further changes.
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Non-UK resident trusts with living, UK resident, non-domiciled settlors and which currently benefit from the Protected Trust regime will face significant changes from 6 April 2025 onwards. Settlors and trustees should begin taking advice now on the possible implications of those changes for them and what they might do to mitigate any adverse consequences. Ideally, they would then be ready to implement any appropriate planning once the ambiguities in the new rules have been clarified and after Labour have indicated whether they intend to make any further changes.
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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