Tax and estate planning specialists Equiom Solutions Limited, part of the Equiom Group, held two breakfast briefings for Channel Islands residents, their advisers and relevant intermediaries.
The briefings, entitled ‘The UK Summer Budget – Implications for Channel Islands Residents’ were held at The Royal Yacht Hotel, Jersey, on 23 February and the Old Government House Hotel, Guernsey, on 24 February.
Both events were well attended, attracting more than 130 delegates, including individuals and corporates from the legal, finance, property and wealth sectors.
Speakers included Managing Director of Equiom Solutions Helen Woods and Tax Director Kevin Renshaw. Helen addressed the complexities of residence and domicile, reviewing changes that came into effect in April 2013, explaining the ‘sufficient ties’ that affect the time an individual can spend in the UK without becoming UK resident and exploring the changes to domicile effective on or after 6 April 2017. She also considered the current estate planning options for people resident in the Channel Islands and the options following the changes proposed in the UK summer budget.
Kevin explored the planning opportunities available to Channel Islands residents who own UK residential and commercial property, clarifying the benefits that can still be gained from owning residential property via an offshore company and explaining the opportunities relating to ‘lend to buy’ structures as well as other strategies.
Helen commented: ‘Following last year’s UK summer budget, there is still a great deal of uncertainty regarding the tax impacts affecting offshore residents with UK assets or investments and non-domiciliaries who are UK resident. As we await further information to be released, we can only speculate on some areas. This briefing was intended to inform individuals and their advisers on what the changes could actually mean to them and how they can start planning now. We were delighted to receive a great deal of positive feedback from delegates regarding the content and format of the briefings and we plan to keep the momentum going with future events of this nature.’
Equiom Solutions provides tax and estate planning services for individuals, trusts and companies. To register interest in the next event, please contact Jill Bennett: firstname.lastname@example.org.
Helen Woods, Managing Director, Equiom Solutions, addresses the Guernsey delegates
A full house at the Royal Yacht as Event Chairman, Hiren Mistry (Legal Counsel – Equiom Jersey) opens the breakfast briefing