The impending tax changes stemmed last January 18, 2008, when the draft legislation was released for non domicile – UK Residents that embedded a lot of implications to offshore trusts and companies. Experts believe that these implications may turn out to be confusing to all stakeholders as the same retrospectively divert from the previous tax laws that served to be more beneficial to a vast majority. Hence, Hassans has advised the public that it is highly recommended to seek legal advice before these changes take effect on April 2008.
The law firm has warned that the changes cover five main aspects in Gibraltar and UK business forms and residential status including the facts that for non-UK Residents, the days of arrival and departure are going to be considered in the number of days that will be required to establish UK residency, that for UK Resident – Non domiciles are provided two options in paying their remittances - one option is by paying an additional £30,000 tax charge for having been a resident in the UK for the past 7 – 10 years while the other option is to be charged according to worldwide earnings which, in turn, can lead to a bigger amount of liabilities as well and that for non-resident close companies that have less than 5 shareholders, they are also set to be affected in a sense that if their assets are not rebased to its value prior to April 2008, there is a bigger chance that liabilities will be greater.
There are also several new reporting requirements that need to be submitted for offshore trusts. These requirements have time considerations for liabilities to be managed properly. Utmost guidance and keen checklists are advised for ensuring the maximum accumulation of what people reap.
These, as well as other tax changes, need to be understood well. Experts believe that there is no better way to have this done than to approach a distinguished and internationally – acclaimed law firm that has broad experiences with government taxes.
To answer this need, officers of Hassans International Law Firm pledged that their agency will serve as the guiding light for individuals as well as companies and will only provide top service.
Hassans International Law Firm urged current and would-be clients to take control of their assets the sure and effective way and free themselves from the hassle of dealing with adjustments that need not be worried about in the first place.
For more information on how Hassans International Law Firm can be of service to you, get in touch with them by visiting their website at www.gibraltarlaw.com. You may also call (350) 200 79000 or send e-mail to info@hassans.gi for more information.
