Increasing litigation and Revenue willingness to prosecute in the criminal courts in instances of perceived tax evasion imposes more need than ever for offshore practitioners to keep abreast of the tax regime and attitudes of the revenue authorities in the UK. Offshore trusts with UK settlors or beneficiaries should have appointed tax advisers with whom the trustees liaise closely. The trustees need to be alert to potential problems and issues arising requiring them to seek appropriate advice.

To keep their UK tax awareness up to date, offshore practitioners are likely to attend seminars by UK tax professionals which focus on current issues. This book as a source of instant reference on a particular point, giving a succinct, easy to read and sensible analysis, complements this.

I take for example the chapter on UK resident non domiciliaries requiring property in the UK. Previously this was a fairly standard planning structure of offshore trust and company to own the property. Following Dimsey and Allen and Deverell, the merits of a company in situs transformation are outweighed by the risks of falling foul of management and control or shadow director/ benefit in kind provisions and there appears to be no clear cut solution; rather a myriad of possibilities each with their pros and cons. The author summarises the main points to consider on the various alternatives, for example making sensible suggestions on personal acquisition coupled with appropriate life insurance or loan arrangements to reduce the value of the UK estate. This is cross-referenced to guidance on structuring deductible debt for IHT. The offshore practitioner or adviser is walked through the "new world" of tax planning requiring bespoke considered solutions tailored to the particular client circumstances.

The book is well laid out, arranged in chapters on particular subjects like individuals moving to the UK, or what needs to be considered shortly before a client acquires a UK domicile. Complex subjects such as the transfer of assets abroad provisions are given full treatment with a clear and detailed analysis together with practical application.

I would recommend this book for offshore practitioners with UK clients as a first port of call for reference on a particular issue coupled with suggestions for clear and thought through planning. Coupled with the authors "Trusts Discussion Forum" for up-to-the-minute thought and commentary a practitioner can keep him/herself well advised in the field of taxation of the non UK domiciliary.

Home