How can you keep up to date with developments affecting international individuals and trusts?
Our ‘International Insights’ blog can help you keep up to date with a plethora of tax and other legal changes.
International Insights is the private wealth team’s blog covering a full range of developments affecting international individuals and families coming to or leaving the UK, or with another UK dimension to their affairs.
This includes the practical implications of the move towards global tax transparency, tax and compliance, property, matrimonial, trusts, immigration and cross-border succession.
Particular topics we are keeping under review include the tax and reporting regimes for non-UK owners of UK property. These continue to evolve with the introduction from April 2021 of a 2% stamp duty land tax surcharge on properties purchased by non-UK residents owning another property. The new beneficial ownership register of overseas entities owning UK property is also due to be established in 2021.
With ongoing travel restrictions, the effect on the UK residence of individuals, their companies and trusts of getting stuck in the UK, and the consequential tax issues, have also been covered in recent posts.
More unusual topics have been the increase in enquiries from UHNW individuals interested in lending to others, with artwork being used as collateral, an arrangement that has the attraction of being private. Unlike real estate, no public register is involved so the world does not need to know that the borrower or the borrower’s business may be having financial problems.
Looking ahead, the UK Treasury will be working out how the huge costs of the COVID-19 pandemic can be funded and we will be tracking the tax changes that are likely to follow.