Plans to tax offshore trusts
The Coalition government has revealed plans to tax employee bonuses that are paid to offshore trusts.
The announcement confirms that payments will be taxed at a higher rate under its 2011 Budget plans. Around 50,000 employees and 5,000 companies could be affected.
The Revenue predicts the changes, will raise an extra £500m each year. Tax experts have treated the announcement with caution.
Some tax experts believe the change could adversly impact some share exchange schemes and overseas pension plans.
More information can be found on the treasury website at: