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Further Climb-down on Non-Dom Tax Changes

The Telegraph is reporting a further climb-down on the proposed changes. According to senior HM Revenue and Customs officials.

“…non-doms will now be able to elect to make a "deemed sale" to rebase the value of their British and overseas assets.”

This appears only to relate to assets held with in offshore trusts and seems to have arisen following the letter from Dave Hartnett which stated…

“….there will be no retrospection in the treatment of trusts and the tax changes will not apply to gains accrued or realised prior to the changes coming into effect.”

No official announcement has been made and none is likely before the Budget on 12 March. So, if the trustees of your offshore trust were considering a “bed & breakfasting” exercise before 6 April 2008 they may want to put it on hold until the Budget.



Date: 25th February, 2008
Author: Lisa Spearman


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