UK changes to impact IOM trust sector
Island 'big four' accountancy firm PwC is flagging up changes to inheritance tax rules, which will impact UK nationals who've moved to the Isle of Man in recent years.
From 2017, income from residential property and other assets will fall within the scope of inheritance tax.
The firm's tax Director Andrew Cardwell is also urging trustees and directors who manage offshore structures set-up by so-called 'non doms', they need to review the impact of the changes.
Mr Cardwell outlined what the changes will mean to the Island's trust sector:
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