News & views

CASS rules - a changing world

As we come out of the haze that was the busy audit season, we look back to reflect on lessons learned from the cycle of December CASS audits. One point we have noted is that while firms have generally been preparing a document mapping all CASS rules to the control that mitigates the associated risk, firms have not been revisiting this document, where changes are noted to the CASS rules.

Make sure you don’t ‘taint’ your protected trust

Following the changes to the taxation of non-UK domiciled individuals from 6 April 2017, certain offshore trusts enjoy protected status. If you have a settlor interested offshore trust (i.e. where you or certain family members can benefit), you need to take care to preserve this protected status – or face potentially significant tax costs.

Are you affected by the 2017 Liechtenstein directive?

A recent directive affecting trustees and trust companies licensed to practice in Liechtenstein has introduced a number of tax compliance measures with respect to establishing new or managing existing legal entities, such as foundations, trusts and establishments. Where these entities involve settlors, beneficiaries or unitholders who are resident for tax purposes in the UK (‘relevant persons’) the trustees are required to adhere to the new regulations.
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