A BOUTIQUE PRIVATE WEALTH LAW FIRM
MTG Blog
The period for responding to HMRC's consultation paper “Helping Taxpayers Get Offshore Tax Right” has just closed. Among suggested solutions were Nudge communications but a more radical proposal would be to change the UK tax year entirely.
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In January 1928 Winston Churchill MP, then Chancellor of the Exchequer announced that an anonymous donor had given £500,000 on trust to reduce the National Debt. Ed Powles and Emma-Jane Weider consider the technical charity law issues involved.
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The onward gift rules can have the effect of taxing a distribution from an offshore trust to a non-UK resident person who then passes on the distribution to a UK resident person as if the latter has received it directly from the trust.
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