Non-dom reforms: protected trusts and non-reporting funds - a survey for completion by offshore trustees UPDATE
Thank you to all those who completed the survey or passed on the details. The survey findings were presented to HMRC.
However there were no changes announced at the Budget and HMRC have provided this statement:
“A decision has been made not to amend the current legislation to include income arising in offshore non-reporting funds in the foreign trust exemptions at this time.
The current demands placed on Parliamentary resource make it difficult for the government to justify returning to the legislation at this time to add to the generous package of protections which the government has already legislated for in the extensive reform of the non-dom rules last year.
Going forward, HMRC will continue to monitor this situation and engage with stakeholders."