Offshore trust compliance

Copyright © 2025 LexisNexis
Published by a LexisNexis Private Client expert
Practice notes

Offshore trust compliance

Copyright © 2025 LexisNexis

Published by a LexisNexis Private Client expert

Practice notes
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STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime

Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to Inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief.

For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025.

Summary of key Reporting obligations

This Practice Note considers a variety of tax and regulatory regimes which require the trustees, or in some cases, the settlor or advisor, of a non-UK resident trust to provide information about the trust to a UK public body.

This Practice Note does

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Reporting definition
What does Reporting mean?

This involves providing members with annual or quarterly updates on the performance of their chosen investment funds as well as an obligatory annual forecast on the value in today's terms of their accumulated benefits today and at retirement.

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