This puts an end to one of the main fiscal benefits of using Jersey private unit trusts, often called JPUTs.
The other measures, which although not directly aimed at the finance industry in the Islands might nevertheless affect it, are: Proposals to extend the inheritance tax regime for discretionary trusts to new and certain existing interests in possession trusts and accumulation and maintenance trusts.
The proposal to establish UK real estate investment trusts (REITs).
Confirmation that preventative measu-res will be considered if businesses continue to exploit the VAT-free threshold on imports of small commercial consignments by shipping their products from offshore locations.
Confirmation of the government’s commitment to continue the process of reviewing the residence and domicile rules as they affect the taxation of individuals.
A package of measures to modernise the tax system for trusts.
Various anti-avoidance measures targeted at specific tax avoidance schemes.