Browne Craine & Co (“Browne Craine”) welcomed guests to Burleigh Manor on Tuesday 28th March to a presentation about changes in UK Tax Legislation and the potential impact for those in the Isle of Man. The presentation was given by Liz Cuthbertson, a senior tax partner from Mercer & Hole Accountants in London.
Browne Craine and Mercer & Hole are both members of The International Accounting Group (“TIAG”) which is a worldwide alliance of independent accounting firms. The Alliance has established a global presence and now has a membership of more than 120 firms in over 70 countries.
During the presentation, Liz focussed on the new Inheritance Tax (“IHT”) regime for non-residents of the UK owning UK residential property including how the changes are likely to affect Isle of Man Trusts. She also discussed the potential benefits of a Trust or Company structure despite the new rules, when it could be better to collapse a structure and mitigation of the IHT position.
“Liz’s presentation was very interesting and informative,” commented Stuart Foster, senior associate at Browne Craine. “Ever since the 2015 summer budget announced a number of changes to the UK taxation of non-domiciled individuals and residential property, it was clear some of our clients were likely to be affected. Liz’s knowledge and expertise is highly sought after so it has been incredibly useful to spend the day with her. I’d like to thank Liz on behalf of Browne Craine and all our guests for taking time out of her busy schedule to come to the Island.”
Liz is a qualified Chartered Accountant and Chartered Tax Advisor who provides tax planning for wealthy UK and International individuals as well as their families. She advises on issues of residence and domicile, particularly where clients are moving to the UK and require effective structuring of their affairs both in and out of the UK. Liz also advises offshore trustees in relation to offshore structures and the tax issues affecting the UK resident beneficiaries.
“I’d like to thank Browne Craine for inviting me to the Isle of Man,” said Liz. “The changes in UK Legislation for non-residents are very important issues that need discussing so I’m glad I could be of assistance.”
Photo - Nick Kelly, Jamie McKenna, Liz Cuthbertson, Stuart Foster and Basil Bielich.