Whilst there is nothing concrete to report, it is interesting to note that it is being reported (FT and elsewhere) that the Treasury is expected to “water down” its proposals so far as taxing distributions from offshore trusts is concerned.
It is pointless at this time to speculate exactly what these changes might be. The good news is that perhaps the “penny has dropped”. A recent article in FT Wealth points out that according to Law Firm Pinsent Masons, the Income Tax receipts alone from 116,100 non-doms in 2014/2015 was close to £6.6 billion.
Presently, there is nothing to suggest that the Treasury is also reconsidering the tax changes in relation to UK residential properties held within offshore trust structures.
Nevertheless, we hope that the various responses to the Consultation (including ours) and the other advocates for restraint will result in some relief for those affected.
We will circulate a further update as soon as there is any other news to report.