So in other words we have a change that has no impact at all. I have yet to read the detail, but if offshore trusts are unaffected by this move then frankly it is a waste of time: these trusts are the way that non-doms hide their income from the UK. If they’re outside the scope of the new regime the whole thing is little more than a sham.
OK, so Osborne has said that non-doms don’t owe tax on some of their cash. That’s the rules.
Wouldn’t it be good to have a Chancellor who actually wanted to collect the tax owing by those who live in the UK?
But we do have a Chancellor who wants to do that. Because the non-dom’s don’t owe tax on this money according to them rules, do they?