Double act: what the two forthcoming Finance Acts will mean for non-doms and beneficiaries of non-resident trusts
Hot on the heels of the Finance (No.2) Bill 2017, the government has released a draft Finance Bill 2018-19. This re-introduces some of the complex anti-avoidance provisions regarding trusts that were dropped from the original Finance Bill 2017 in March. Although these provisions will be unwelcome to many, there is at least now sufficient certainty regarding the future regime for the taxation of non-resident trusts to allow trustees and beneficiaries to start planning with more confidence.
A new Finance Bill 2018-19 has recently been published, less than a week after the release of the Finance (No.2) Bill 2017. The latter will now, subject to any minor changes following parliamentary scrutiny, become the Finance (No.2) Act 2017. Its provisions will apply retroactively from 6 April 2017.
The Finance Bill 2018-19, on the other hand, is expected to apply from 6 April 2018. This new Bill confirms the UK government’s intention to put in place various anti-avoidance provisions regarding non-resident trusts, including a reformulation of the widely-feared “anti-recycling” rules.
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