The affect of the UK budget on my clients is in the main relevant to UK domiciles intending to return to the UK, although there is one alteration to non-domicile residents.
Life insurance taxation and avoidance of tax through offshore vehicles seems to bear the main brunt of the changes. Offshore Trusts are also on the watch list.
The Government is obviously unhappy with the volume of QROPS transfers and is seeking to ensure there is no unfair taxation treatment on these, and also reducing avoidance potential with a 10 year reporting requirement.
IHT has gone down to 36%
Mark Paine
Meyado
www.meyado.com.sg
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