Offshore trusts ring-fenced from non-dom clampdown

Non-dom rules to change in 2017

Offshore trusts will be excluded from the Treasury's plans to crack down on non-domiciled individuals, according to the government's latest proposals.

In the Summer Budget, Chancellor George Osborne (pictured) said a non-dom living in Britain for 15 of the past 20 years would subject to UK taxation on any income or capital gains made overseas. However, the proposals released this week said non-doms who set up an offshore trust before the new rulings come into place - set to be implemented in April 2017 - would mean assets are ringfenced from UK taxation unless a family member receives a benefit from the trust, according to the FT. Non-dom rules have been in place for over 200 years and allow certain UK residents to pay lower levels ...