UK Gov't Backs Off Tightening Foreigner's Tax

It would appear that someone with half a brain in the UK Government has woken up to the fact that many wealthy ‘Non Doms’ (Non domicile) living in Britain would probably have left on the next flight had they cancelled the tax breaks these people get by living in the UK.

The UK government said it will stick by its current policy of not taxing the wealthy from overseas on the income from Offshore Trust - a common way for the wealthy to hold assets - and the government won’t ask what is held in the Trust!

This must all be disappointing for our Swiss friends, who have been busy making plans to make Switzerland more attractive to wealthy foreigners.

For more information on our offshore Trust products click here.