Deemed domicile: review of protection of overseas trusts

Part of Finance Bill – in the House of Commons at 2:45 pm on 31 October 2017.

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Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General 2:45, 31 October 2017

I am not saying that at all. What I am saying is that, where a non-dom has a family trust or some other perfectly legitimate arrangement—they might not have been to this country at all when the trust or arrangement was set up—and is subsequently deemed to be domiciled in this country, it is not unreasonable that the contents of that trust should be protected, with the important caveat that tax is due to the UK tax authorities as soon as income is taken out of the trust.