The proposed changes to non-UK domiciled (non-dom) taxation in the UK could have a significant impact beyond just the individual's tax situation. Trustees of family trusts established by non-doms need to be aware of these changes and take action before April 2025.
Traditionally, non-doms used family trusts to hold wealth, plan for succession and manage their UK tax burden. However, the government's proposed changes will mean that in the future trust income and gains are likely to be taxed on the settlor (the person who created the trust) each year. In this video, Gavin Shaw - Partner, Family Office and Private Client, KPMG in the UK, explores the key considerations for trustees in navigating these potential changes, including information gathering, liquidity planning, and potential tax implications for beneficiaries.
If you would like more information on any of these points or wish to explore the impact for your circumstances, please get in touch.
