Ogier hosted a seminar yesterday about the attack on property valued at over £2m in the recent UK budget. Guest speaker Patrick Soares from Gray's Inn Tax Chambers spoke to about 100 senior members of Jersey's finance companies about the major impact on the holding of UK residential property worth more than £2m owned by non-resident, non-natural persons. Delegates learned about things to consider now whilst the UK government's position is clarified and some of the options that might be suitable for their clients.
Patrick Soares advises on all areas of taxation, with particular emphasis on the taxation and structuring of property transactions, value added tax, trusts and offshore tax planning and tax advocacy. Patrick said “The assault is multi-layered with non-natural, non-resident people being specifically targeted in the UK budget. This will have consequences on the way in which property is held and there are important considerations for jurisdictions such as Jersey. Considerations will include, for example non-company purchases, IHT mortgages, buying shares in a property company or keeping land in a corporate structure and washing gains. Tax payers may also look to see whether Jersey limited liability partnerships are an alternative attractive entity perhaps linked to a corporate nomineeship.”
Steve Meiklejohn, a Partner in Ogier's Trusts Advisory Group said “Patrick's vast experience in this area meant this was a very thought provoking seminar. It was very timely and demonstrated that there is still more for Jersey to think about so that the island remains at the forefront of high value UK property transactions by non-residents.” Steve also said “In my capacity as Chairman of Jersey STEP I would urge anybody who is interested in this subject but was unable to come to Ogier House today to attend STEP's seminar on the same subject on 1 May”.