Dealing with a client who has been in the UK for some years, whilst his children are going through education. He was born in the Philippines, so he cannot be a formerly domiciled resident. He is some years from being deemed to be domiciled here in the UK, but it’s possible he may still be here to fall foul of the 15 out of 20 rule
Individuals who were formerly domiciled residents, who had set up excluded property settlements from which they could benefit before the most recent changes ended up having gift with reservation problems, and their trust treated as they had been UK domiciled throughout
He is considering setting up excluded property settlement and we will carefully check his current status, and warn him of any weaknesses. More widely, I have been searching the revenue manuals to see if I can find a positive comment that he will not have gift with reservation/10 yearly charge problems. I’ve been unable to find anything that says he will suffer that problem, but sadly I cannot find a clear assertion that he won’t.
Interested to hear whether others feel it is clear cut.
Regards
Terry
