09/12/2016 - Finance Bill 2017 Legislation
In line with the Government’s previous pledge to publish the majority of the Finance Bill measures at least three months prior to the Bill being issued, this week saw the release of extensive draft legislation, included in which were further details relating to offshore pensions, the non-dom changes, the taxation of trust income and gains and inheritance tax on UK residential property. The draft legislation remains open for comments until 1 February 2017.
The changes included in the legislation are significant, particularly in relation to offshore trusts. There remain a number of opportunities for tax efficient structuring in order to maximise the advantages provided under the new rules and minimise the tax impact. Those with affected structures should review the position as soon as possible, as should individuals who will become deemed domiciled under the new rules.
For further detail regarding the points of key interest, please click below:
Inheritance tax on UK residential property
Deemed domiciled individuals
Offshore trust structures