Offshore trusts subject to change

HM Treasury published its consultation on ensuring the “fair taxation of residential property transactions”  follows the UK Government’s announcements in the 2012 Budget March in relation to the introduction of new Stamp Duty Land Tax (SDLT) thresholds, for those purchasing residential property worth over £2 million. The consultation introduces two new forms of taxation which will both take effect from April 2013. First, an annual charge linked to SDLT and, secondly, an extension to capital gains tax (CGT). The changes are likely to affect offshore trusts, which are often used as vehicle...