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Over the years successive governments have introduced anti-avoidance legislation to reduce the benefits of offshore tax planning. It is probably true to say today that the scope for major planning for UK domiciled and resident taxpayers is very much limited, whilst there is still considerable scope for those not domiciled in the UK, whether they be UK resident or non-resident for tax purposes. However, that does not mean tax efficient structures cannot be put in place even for those fully within the UK tax net.
Offshore tax planning is complex since it involves issues relating not only to UK law and taxation but those of other jurisdictions. Considerable care needs to be exercised when putting in place offshore structures to ensure that local rules and taxes do not wipe out other benefits.
We have therefore developed close working relationships with other professionals in offshore jurisdictions so that the full scope of advice can be given to our clients to ensure maximum savings at realistic prices.
The cost of planning offshore is usually large and we would rarely advise clients with assets of less than £1 million to consider this route. However, for those whom offshore planning is appropriate, considerable savings can be made for both current and future generations.
If you would like to find out more, please contact us.
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