Maritime International Advisor

Impact of New UK Taxes for Non-Domiciled UK Residents

HM Revenue and Customs has tabled major changes which will seriously impact on the taxes to be paid by foreigners resident in the UK
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January 30, 2008 - HM Revenue and Customs has tabled major changes which will seriously impact on the taxes to be paid by foreigners resident in the UK. These changes include personal taxes, capital gains taxes and taxes on offshore trusts.

The changes in the UK tax laws are currently being widely debated but it appears at present that they may be adopted in one form or another, beginning in April of 2008.

Personal and Capital Gains Tax

Users of the remittance basis for taxation will no longer be eligible for tax fee personal allowances and the capital gains tax annual exempt amount.
Those foreigners residing in the UK for over seven of the past ten years will be required to pay an annual charge of GBP 30,000, in order to access the remittance basis of taxation.

Offshore Trusts

UK residents, non-domiciled in the UK, will be subject to capital gains tax on investments in the UK, held by their offshore trusts.

While this is applicable only to UK non-domiciled residents, it may have wider implications for any Offshore Trust holding assets in the UK. Detailed rules regarding this new tax are unknown at the present, but it seems possible that the UK may require such Offshore Trusts to prove that they are not held on behalf of UK non-domiciled residents, in order to qualify for tax exemption. This would have serious Confidentiality implications for the Trust.

UK non-domiciled residents are urged to consult their tax or financial advisors on the implications of this impending legislation. If passed, the Bill is expected to take effect from 6 April 2008.

We would also recommend that all foreign individuals/families/companies with investments being held by Trusts in the UK, consult their professional advisors on the possible implications of this new legislation.

Stay tuned for further developments on these issues.

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