International accounting firm, Ernst & Young on Tuesday urged UK Chancellor Gordon Brown to introduce tax exempt trusts for UK non-residents in next month's Budget.
Paul Knox, E&Y's director of Private Client Services, explained that: "Much of the attention given to the Government's various proposals has centred on the anti-avoidance measures that have been announced. We think the Government should be considering positive moves as well."
He continued:
"If the Government really wants to make money out of trusts, it should be looking at the many overseas individuals who would like to use the UK to set up trusts, because of the confidence they have in our legal system and the strength of our financial advisory sector."
" If the UK introduced tax exempt trusts for foreign individuals who are neither resident nor domiciled in the UK there would be many new jobs for people in the financial services sector, all of them paying UK tax and contributing to the economy. Other jurisdictions such as New Zealand and Delaware have successfully introduced similar regimes in recent years."
The Chancellor is set to deliver his budget on March 17.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment