What is happening?
Under pressure from the EU, the UK government is narrowing the scope of two key anti-avoidance measures that affect the taxation of offshore structures (e.g. non UK companies and non UK resident trusts).
A further draft of the proposed new legislation was released on 11 December 2012.
The rules will come into effect when the Finance Bill 2013 receives Royal Assent (expected to take place in July 2013) but certain aspects will apply retrospectively. More…