International private clients have taken centre stage in the Budget in the past few years. However, this time the Chancellor has provided some welcome respite, allowing individuals to get to grips with the historic changes - rather than concentrating on new ones.
Hidden in the detail is confirmation that HMRC will publish legislation to confirm what it states is its established legal position of the inheritance tax (IHT) treatment of additions to existing trusts. There will also be a consultation on the potential implementation of a 1% stamp duty land tax (SDLT) surcharge for non-UK residents buying residential property in England and Northern Ireland.
International private clients can now focus on ensuring that they have adapted to the various changes that became effective as of 6 April 2017 and 6 April 2018. There is still time to benefit from some of the transitional reliefs such as rebasing and for individuals to “unmix” their offshore bank accounts prior to the deadline of 5 April 2019. There is also still scope to ensure that any offshore structures are fit for purpose.