TrustConsult Group

"Check out our latest article, inspired by Mishcon!"   Urgent Need for Restructuring Offshore Trusts for UK Resident Settlors   With the new government poised to reform the non-domicile (non-dom) regime, significant changes are anticipated, though specifics remain uncertain. The direction, however, is clear.   During the Spring Budget 2024, the previous government proposed that existing excluded property trusts would retain their Inheritance Tax (IHT) protection despite other changes. However, Labour has signalled intentions to eliminate these protections, suggesting no grandfathering for existing trusts. Unless successful lobbying alters this course, current excluded property trusts are likely to lose IHT protection from April 2025. For settlors who are both long-term UK residents and trust beneficiaries, this change means that trust assets will not only face periodic IHT charges but will also be included in the settlor's estate upon death, incurring a 40% inheritance tax. This shift could significantly impact many trusts, especially those with older or ailing settlors who are at higher risk.   Regarding income tax and capital gains tax, the Conservative proposals initially indicated that protections for existing "protected settlements" would be abolished from 6 April 2025. As a result, foreign income and gains within these trusts would be taxed on the settlor as though they personally owned the trust assets.   Settlors must now seriously evaluate whether they can afford to relinquish their beneficiary status, either partially or entirely. If feasible, actions can be taken now to preserve existing tax protections. Ideally, these steps would wait until after the draft legislation is published. However, due to the potentially severe tax consequences, trustees and settlors may need to act sooner. Any restructuring undertaken after Labour's first budget, expected in September, may be too late if anti-forestalling measures are introduced.   For non-doms with substantial personal assets, this may represent a final opportunity to add surplus assets to their existing trust or establish a new one under the current favourable tax regime.   For further information, please contact Cécile Civiale Vuillier, Partner at TrustConsult (Suisse) S.A. Cecile.vuillier@trustconsultgroup.com

"Check out our latest article, inspired by Mishcon!"   Urgent Need for Restructuring Offshore Trusts for UK Resident Settlors   With the new government poised to reform the non-domicile (non-dom) regime, significant changes are anticipated, though specifics remain uncertain. The direction, however, is clear.   During the Spring Budget 2024, the previous government proposed that existing excluded property trusts would retain their Inheritance Tax (IHT) protection despite other changes. However, Labour has signalled intentions to eliminate these protections, suggesting no grandfathering for existing trusts. Unless successful lobbying alters this course, current excluded property trusts are likely to lose IHT protection from April 2025. For settlors who are both long-term UK residents and trust beneficiaries, this change means that trust assets will not only face periodic IHT charges but will also be included in the settlor's estate upon death, incurring a 40% inheritance tax. This shift could significantly impact many trusts, especially those with older or ailing settlors who are at higher risk.   Regarding income tax and capital gains tax, the Conservative proposals initially indicated that protections for existing "protected settlements" would be abolished from 6 April 2025. As a result, foreign income and gains within these trusts would be taxed on the settlor as though they personally owned the trust assets.   Settlors must now seriously evaluate whether they can afford to relinquish their beneficiary status, either partially or entirely. If feasible, actions can be taken now to preserve existing tax protections. Ideally, these steps would wait until after the draft legislation is published. However, due to the potentially severe tax consequences, trustees and settlors may need to act sooner. Any restructuring undertaken after Labour's first budget, expected in September, may be too late if anti-forestalling measures are introduced.   For non-doms with substantial personal assets, this may represent a final opportunity to add surplus assets to their existing trust or establish a new one under the current favourable tax regime.   For further information, please contact Cécile Civiale Vuillier, Partner at TrustConsult (Suisse) S.A. Cecile.vuillier@trustconsultgroup.com

We are delighted to present the latest PCD GROUP magazine and this exclusive interview with Grégoire Mure, CEO at TrustConsult Group. Explore the insightful discussion on why securitisation vehicles are becoming increasingly popular and the unique benefits they offer. A compelling read for anyone in the finance industry. Read the full article in comments. For more engaging content, please reach out to members@pcd.club. Don't miss out on the opportunity to #jointheclub and stay updated with our content!

Securitisation Vehicles In Luxembourg – Time For A Closer Look https://lnkd.in/eSZSmgS5

See you next year!!! 😎

I was delighted to be in #monaco for the TrustConsult Group conference, which focused on #privacy, and was able to give my views on a panel from the perspective of a #journalist in how I think families and business owners should think of handling #mediarelations and related issues. An excellent conference, well attended with tons of engagement. Bravo! Thanks to my good friend Cécile Civiale Vuillier, TEP, and to Christian Bühlmann Katerina V. Grégoire Mure and others for putting this excellent event together. Stephen Harris Philip Harris Rachel Fokes Andrew Deane Amanda Cheesley Theodora Viney Siiri Piiroinen Charles Paikert Becky Newman Noreen Burroughes Cesareo FRSA

The WealthBriefing Swiss Awards, now in their 11th year, have grown to become a must-attend event for the Alpine state’s wealth sector. The enthusiastic attendance and variety of categories are testimony to how important it is to salute high-achievers in the sector. As readers can see in our latest Acclaim, the variety of firms and individuals involved, the awards programme captures the diversity of business models and approaches in Switzerland’s wealth sector. aixigo Alpen Partners AG | Switzerland AMINA Bank AZQORE SA Banque Internationale à Luxembourg (BIL) Syz Group Barclays Bank (Suisse) S.A. Bedrock Group CBH Compagnie Bancaire Helvétique SA ERI HSBC Global Private Banking Indosuez Wealth Management ITERAM Capital SA Carmen Kiavila LGT Private Banking Lombard International Group James Day Piguet Galland & Cie SA PKB Private Bank Prometeia Rawlinson & Hunter LLP REYL Overseas Rothschild & Co Schellenberg Wittmer Societe Generale swissQuant Taranis TrustConsult Group UMA Wealth Group UBP - Union Bancaire Privée WIZE by TeamWork Stephen Harris Tom Burroughes Siiri Piiroinen MCB Group Huddleston Jones Liontrust Asset Management PLC AW✚SWITZERLAND Pulsar Media Andrew Deane https://lnkd.in/emc5XaYN

Want to 👀 behind the scenes of Christopher Mathison’s camerawork at TrustConsult Group conference in #Monaco? Take a look below 👇 Follow PCD MEDIA for more behind the scenes footage!

A great day at the TrustConsult Group Monaco conference listening to stimulating discussions about privacy and catching up with private wealth professionals from around Europe and beyond. As we heard about the turning tide against government information sharing the location next to the world's most famous U-turn didn't seem accidental. Cécile Civiale Vuillier, TEP Katerina VIY, TEP David Bell Tom Burroughes

I was delighted to be in #monaco for the TrustConsult Group conference, which focused on #privacy, and was able to give my views on a panel from the perspective of a #journalist in how I think families and business owners should think of handling #mediarelations and related issues. An excellent conference, well attended with tons of engagement. Bravo! Thanks to my good friend Cécile Civiale Vuillier, TEP, and to Christian Bühlmann Katerina V. Grégoire Mure and others for putting this excellent event together. Stephen Harris Philip Harris Rachel Fokes Andrew Deane Amanda Cheesley Theodora Viney Siiri Piiroinen Charles Paikert Becky Newman Noreen Burroughes Cesareo FRSA