Private Client Focus - Channel Islands
20 August 2020
Welcome to ‘Private Client Focus’, our newsletter keeping you up-to-date with the latest news and updates that may affect you as a private individual. Here we focus on the Channel Islands.
We advise private individuals and their advisers based in the Channel Islands and across the world, and have extensive experience in the specialist issues facing this jurisdiction.
For further information and detail, take a look at our dedicated private client hub – the World of Private Clients. Our international team provide an overview of the Channel Islands as a private client hotspot.
New HMRC guidance on the UK Trust Register
Following our previous update regarding the requirement for certain Trustees to provide details of the Trust to the UK on the UK Trust Register, HMRC has clarified their interpretation of a ‘business relationship’ under the EU’s 5th Anti Money Laundering Directive (“5MLD”).
HMRC nudge letters – an update
HMRC typically issues ‘nudge’ letters to taxpayers in large batches and usually after it processes data received from overseas tax authorities under the Common Reporting Standard.
HMRC data collection: requests for information and Trust registration
It is apparent that there have been a number of HMRC enquiries targeted at settlors of non-UK trusts that benefit from ‘protected’ status.
Inheritance Tax – taking a long term view
In this update we highlight some of the Inheritance Tax issues that should be taken into account during these conversations.
Update on the taxation of UK land
In this update we cover updates to SDLT surcharges and disposals of UK land.