Offshore Trusts
Our team provides forward-thinking, strategic advice to help trustees adapt and plan effectively.
Comprehensive Tax Planning for Offshore Structures
At Fox Smith, we act as trusted tax advisers to a number of major offshore trust companies, particularly those operating in the Channel Islands. Our specialist team provides comprehensive tax advisory services to Settlors, Beneficiaries, and Trustees, ensuring full compliance, strategic planning, and confidence in managing complex offshore trust structures. With increasing scrutiny from HMRC and continued legislative change following the Autumn 2024 Budget, expert guidance is more important than ever.
Advising on the Creation of an Offshore Trust
For individuals considering settling an offshore trust, we offer clear and detailed guidance on the legal, tax, and practical implications. This includes assessing UK tax residency, understanding long-term objectives, and ensuring the trust is structured in a tax-efficient and compliant manner from the outset.
Strategic Offshore Trust Management
Expert advice on structuring, reporting, and maintaining offshore trusts, tailored to meet the scrutiny of HMRC and the latest budget reforms.
Transfer of Assets Abroad Legislation
Our team provides in-depth analysis of the Transfer of Assets Abroad (TOAA) rules to ensure that all parties understand potential UK tax consequences. We help trustees and advisers navigate this complex area, reducing the risk of inadvertent UK tax charges for Settlors or Beneficiaries.
Income and Stockpiled Gains Management
We support trustees with the accurate calculation, maintenance, and reporting of relevant income, stockpiled gains, and trust pools. This ensures transparency, correct beneficiary matching, and compliance with HMRC expectations.
Relevant Property Regime & Non-Resident Capital Gains Tax
Our service includes the calculation and reporting of Relevant Property Charges, such as ten-year and exit charges, along with Non-Resident Capital Gains Tax (NRCGT) obligations for offshore trusts holding UK assets.
Rectifying Historical Issues
Offshore trusts can be intricate, and historical errors often arise—sometimes only when trustees change or structures are reviewed. Fox Smith is experienced in identifying, regulating, and rectifying these issues, working collaboratively with offshore administrators and HMRC where necessary.
Autumn 2024 Budget Changes
The Autumn 2024 Budget introduced reforms impacting offshore trusts, including the treatment of excluded property, non-dom changes, and reporting obligations. Our team provides forward-thinking, strategic advice to help trustees adapt and plan effectively.
Partnering with Fox Smith ensures robust, compliant, and future-proof management of your offshore trust structures.
Ready to Elevate Your Financial Strategy?
Let’s discuss how our bespoke services can address your unique financial challenges and help you achieve your goals.