The exodus follows sweeping proposals announced by the UK Treasury in October which are likely to remove many of the benefits which have attracted the wealthy to live in the UK in the past.
The UK Treasury this week sought to soften the furore coming from the City of London by issuing a letter to practitioners. But the clarification says little about the proposals relating to offshore trusts which, crucially for Jersey’s finance industry, could mean that from 6 April offshore trusts will be taxed on any capital payment or benefit received.
The Society of Trust and Estate Practitioners survey of 85 member firms is the largest ever of its kind and represents the advisers to nearly a fifth of UK resident non-domiciled clients filing a tax return.
The Jersey branch of STEP is one of the largest and most Jersey trust firms are likely to have clients in the UK which are affected by the changes.
