Latest tax and investment news
'Make the most of capital gains tax' before end of January
UK residents who are not domiciled in the country have been urged to look over their offshore trusts before the end of January in order to make the most of their income tax planning.
Changes to the rules have allowed non-dom trustees who have set up an offshore trust before April 6th 2008 to reduce their total capital gains tax bill for gains earned on offshore funds.
The re-basing election must be made before January 31st with a form listed on HM Revenue & Customs' website.
"All non-resident settlements with one or more current or potential non-UK domiciled beneficiaries should seek advice on the availability of the election and the consequences of making an election," said Chris Mills of Grant Thornton's private client group.
According to a recent article on Investment International, more than 90 per cent of UK investors could be losing money through capital gains tax as they do not fully understand it.
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