Click here to read the full article: British family to lose out on billions by voluntarily on-shoring trusts for ‘moral reasons’
Robert’s comments have been reproduced below with kind permission.
Robert comments:
Robert Brodrick said years of government reform have meant offshore trusts are less attractive for many UK-based families than they once were.
‘I’m certainly seeing examples of families repatriating or onshoring trusts, but generally it’s done for practical reasons,’ he said. ‘This case was unusual because it was driven by personal ethical considerations.’
‘It was very popular in the 1980s and early 1990s for British families to set up offshore structures, and they did provide tax benefits,’ he said. ‘Those benefits have gradually been eroded by anti-avoidance legislation.’
At the same time, offshore structures increasingly attract scrutiny, he added: ‘You are very much treated as if you are avoiding tax if you are involved in an offshore structure, even though it may have been set up many years ago for perfectly good reasons.’
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