UK To Crack Down on Trusts (And Companies)

screenshot_2016-11-06-18-06-08It seems somewhat paradoxical that the most well off would appeal to the Equitable Jurisdiction of the English court to protect several hundred times a multiple of the ‘widow’s mite. Of course, the Equitable jurisdiction of the court should not be applied with a view to deliberately disenfranchising those who are better off than the man on the Clapham Omnibus’ – who I understand now lives in Essex!

That said however, it would seem difficult to defend a regime that enables the parking of income that is attributed to offshore centres to avoid less advantageous rules in the UK.

From the foregoing it is possible to find a rather sympathetic narrative in defence of HMRCproposals to clamp down on trusts and offshore companies as a response to abusive structures .

Clearly parking money offshore is not in of itself objectionable. However it would seem to me that such a ‘facility ‘ would have a short shelve life . In the same manner that the Equitable jurisdiction of the English court is to ensure that judicial rulings could take account of perverse outcomes in the absence of a court with a jurisdiction to provide an equitable remedies. Without more such a dispensation might struggle to maintain widespread favour.

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