INFO – Keep Calm and Carry on: The Increasing UK Regulatory and Tax Issues Facing Offshore Trustees
Then, now and next – What you need to know
Developments in the offshore world that have been gaining traction over the last couple of decades highlight the shift in balance between the privacy of the individual and the provision of financial and other information to and between authorities, access to some of that information by the public, coupled with the increased UK tax and compliance burden.
In an article authored by Matthew Braithwaite and Helen Ratcliffe which was originally published in the International Comparative Legal Guide to Private Client 2018, they examine the state of the regulatory and tax landscape, looking at where we have come from and how upcoming regulatory and tax changes will critically shape the private client world and the role of the offshore trustee from a UK perspective in the future. Topics covered include:
- regulatory obligations faced by trustees from FATCA and CRS through to PSCs, LEIs and the Trust Register. In a world of acronyms, the article studies these in more detail, considering what they really mean for trustees;
- criminal offences and civil penalties which are now in place, including the Requirement to Correct and the implications of failing to do so. This is very much a call to arms to take action before it’s too late, or risk severe sanction; and
- charges to inheritance tax in the context of UK residential property, formerly domiciled residents and the changes to the taxation of trusts.
Providing a clear summary of the rapid response times needed and the demands made at international, European and domestic levels, this article allows you to assess the needs of your clients to identify key actions you need to promptly undertake before the forecasted outcomes become reality.
Can you afford to keep calm and carry on? Read the article here to find out.
This article appeared in the 2018 edition of The International Comparative Legal Guide to: Private Client, published by Global Legal Group Ltd, London (www.iclg.co.uk).
1 February 2018