Insights

Making Tax Digital (MTD) was first announced by the UK Government in March 2015 when it was hailed as being “the end of the tax return” but there have been numerous delays since then.

From 6 April 2025 an individual’s exposure to UK inheritance tax (“IHT”) is either upon their world-wide assets or solely upon their UK situs assets with this determined by whether, at the date of a relevant event (most commonly death), they are “long-term resident” in the UK.

Guernsey is independent and self-governing, renowned for being a safe place to live with beautiful beaches, scenery and cliff walks. For many it is surprisingly easy to become resident in Guernsey. Individuals with a British passport have an automatic right of abode and can immediately buy and live in any of the many fantastic properties available on the "open market".

As the largest independent taxation services company in Guernsey, LTS not only provides UK and Guernsey taxation services to companies, individuals and trustees, but also offers tailored accounting services.

The first Labour Budget in 14 years and the first ever delivered by a female Chancellor of the Exchequer took place on 30 October 2024.

The UK tax treatment of offshore trust structures has undergone a number of changes over the last few years, resulting in a myriad of complex legislation, combined with a more punitive and extended penalty regime for offshore matters.

Focused on providing pro-active, high quality services with a personal and flexible approach.

UK tax legislation used to determine individual UK tax residence is commonly known as The Statutory Residence Test ("SRT")

The Trust Registration Service, introduced in 2017, is the UK's central register of the beneficial ownership of trusts.

Guernsey Economic Substance Requirements The Guernsey Revenue Service introduced economic substance from 1 January 2019 as part of the islands commitment with the EU for tax transparency and alignment with Base Erosion and Profits Shifting ("BEPS") measures.

The concept of domicile is one of the key factors in determining the extent of an individual's exposure to UK inheritance tax until April 2025.

In April 2020 significant changes were made to offshore corporate landlords as the tax regime switched from income tax to corporation tax.

Following some significant legislative changes in recent years, all gains realised on UK land and property disposals by non UK residents are now within the scope of UK tax.