Mr Darling indicated at the end of last year that he intended to bring in measures which would force UK non-domicile residents to make a tax contribution, including an annual payment of £30,000 for those who have been living in the UK for seven to ten years.
Since then the original proposals have been watered down slightly but the potential impact has been preoccupying practitioners in Jersey’s trust industry with clients in the UK. In particular there are fears that offshore trusts may in future be penalised and capital gains arising from those trusts will become taxable in the UK.
