Offshore Trustees Take Note


Offshore trustees are reminded that the deadline for making a rebasing election under para 126, Sch 7, FA 2008 expires on 31 January 2010.
The effect of the election is that all gains accrued on trust assets (and underlying company assets) up to 5 April 2008 will continue to be exempt from tax. In many cases lodging the election is to be advised as a precautionary measure, especially where there are substantial unrealised gains in the value of trust assets. It applies when there has been a ‘specified event’ in during the 2008/9 tax year.

Share this article