Andrew Pinel, Partner
UK tax changes for 'non-doms' are due to take effect from 6 April 2017. Private client structures in Jersey require immediate attention and consideration.
Pinel Advocates can assist with analysing the restructuring required and advising on the documentation to effect changes to trust and company structures in Jersey.
The new inheritance tax ("IHT") charges cover UK domiciled individuals and a wider group of non-UK domiciled individuals. There are opportunities for re-basing or cleansing assets, but this must be done before 6 April 2017.
The IHT on residential property has led to many trusts and companies 'de-enveloping; that is to say, transferring properties out of such structures, often directly into the hands of individual owners. Pinel Advocates has seen a marked increase in such work and has been helping clients and their advisers in this regard.
Aside from 'de-enveloping', simpler solutions may be available, such as excluding settlors from trusts, collapsing trust structures, gifting shares in property and refinancing.
Please contact Andrew Pinel if you require any assistance with the new IHT charges or changes to structures for you or your clients.