Posted: 08/02/2013
Taxes recently introduced for residential properties in the UK may have been watered down compared with initial proposals but many structures are still affected, audiences of finance professionals in Jersey and Guernsey heard this week.
At two Collas Crill workshops, delivered with leading tax specialists from UK law firm Thomas Eggar, delegates from Guernsey and Jersey took advantage of the opportunity to ask the experts how trust and company structures holding UK residential properties affected by the changes might be restructured.
Collas Crill fiduciary specialist Edward Stone said: "With the final piece of the changes, the draft legislation for the capital gains tax changes, only being published by on 31 January, this was a first chance for local service providers to hear about and discuss the new regime in the whole.
"The audience readily took advantage of the opportunity to ask the experts. While the new taxes may have been watered down somewhat from the initial proposals, with various reliefs introduced following the consultation process, it was clear that there are still many structures affected. Although the finalised rules are designed to be harmonious, there are still plenty of pitfalls for the unwary."
The workshops (in Guernsey on Wednesday 6th and Jersey on Thursday 7th) followed Collas Crill and Thomas Eggar's hugely successful seminars in July 2012, delivered after the changes were first announced but before the draft legislation was available.
At the events this week, Thomas Eggar speakers James Quarmby and Emily Osborne provided a practical guide with case studies and worked examples of how the draft legislation will affect the most commonly encountered structures. Collas Crill's own experts were also on hand to advise on local issues.
James Quarmby is a partner and the head of international taxation at Thomas Eggar LLP. He leads a well regarded team of advisors, dealing with a wide variety of personal and business taxation matters.
Emily Osborne is part of Thomas Eggar's business and international tax team. She advises on a wide variety of personal and business tax issues and planning opportunities. Her expertise covers offshore trusts, residence, domicile, the use of EU structures and tax efficient remuneration planning, with a particular focus on the use of offshore pensions.
A senior member of Collas Crill's fiduciary team, Edward Stone has considerable experience in advising on offshore trust law and the establishment of bespoke trust solutions.