Offshore trusts—taxation

View Private Client by content type:

Latest Private Client News

Featured Private Client content

Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
Read More >
9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
Read More >
9th Nov
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
Read More >
Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
Read More >
Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
Read More >
Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
Read More >
9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
Read More >
9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
Read More >
9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
Read More >
9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
Read More >
9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
Read More >
9th Nov
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
Read More >
9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
Read More >
Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
Read More >
Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
Read More >
Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Offshore trusts—taxation content

Practice notes
Capital payments are generally taxed by matching them against available relevant income (ARI), offshore income gains (OIGs) and capital gains in that...
Read More >
9th Apr
Practice notes
The tax treatment of a distribution from a trust in the hands of the recipient is determined in the first instance by whether the distribution is...
Read More >
9th Apr
Practice notes
When a trustee makes a mistake, it is important to remember that there are a few remedies available: rectification, the doctrine of mistake and the...
Read More >
Produced in partnership with Katharina A. Byrne 9th Apr
Practice notes
Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...
Read More >
9th Apr
Practice notes
BackgroundPrior to 6 April 2008, individuals who were UK resident and non-UK domiciled (RND) could benefit from offshore trusts without incurring any...
Read More >
Produced in partnership with Suzanna Harvey of Burges Salmon 9th Apr
Practice notes
BREXIT—end of the implementation period: This Practice Note contains references to EU derived domestic legislation (preserved legislation). As of exit...
Read More >
Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
This Practice Note briefly summarises the advantages and disadvantage of trustees using a company to hold investment assets, rather than directly, and...
Read More >
9th Apr
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
Read More >
Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 9th Apr
Practice notes
Capital payments made by an offshore trust to UK resident-domiciled beneficiaries are governed by a series of 'tax hierarchy' rules.The order in which...
Read More >
9th Apr
Practice notes
This Practice Note considers the provisions of part 5, sections 619–648 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005) (Ch 5)...
Read More >
9th Apr
Practice notes
When is Sch 4C in point?A Sch 4C pool, ie a pool of gains to which Schedule 4C to the Taxation of Chargeable Gains Act 1992 (TCGA 1992) applies, is...
Read More >
9th Apr
Practice notes
Major changes to the taxation of offshore trusts were introduced in 2017 and 2018. These changes are summarised in Practice Note: Changes to the...
Read More >
9th Apr
Practice notes
There is a wide range of structures that can be used to hold wealth; many use vehicles established outside the UK. This Practice Note discusses how...
Read More >
9th Apr
Practice notes
This Practice Note was originally drafted by Owen Clutton of Macfarlanes LLP but is now maintained by Lexis®PSL Private Client.Trustee residence...
Read More >
9th Apr
Practice notes
AAdministrationThe process starting on the date of the deceased's death and ending on the date the deceased's affairs are finalised by his personal...
Read More >
9th Apr
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
Read More >
9th Apr
Practice notes
Significance of settlor’s domicile for offshore trustsThe extent of a trust’s liability to UK income tax and capital gains tax (CGT) depends on the...
Read More >
9th Apr
Practice notes
This Practice Note describes the new income tax and capital gains tax (CGT) regime which applies to trusts settled by non-UK domiciliaries prior to...
Read More >
9th Apr
Practice notes
An offshore trust is any non-UK resident trust. The trustees of offshore trusts have limited exposure to UK taxes and if they are resident in a no or...
Read More >
Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 9th Apr
Practice notes
Income, capital gains and offshore income gains (OIGs) of an offshore trust can all be deemed to accrue to a UK resident beneficiary who receives a...
Read More >
9th Apr

Popular documents