The Sunday Times reports of the new rules for non-domiciled people in the UK that:

It was initially thought that offshore trusts would be exempt and that they would be able to sell assets free of capital gains tax, even if those assets were situated in the UK.

However, the newly released consultation paper indicates that any gains made from offshore trusts will be taxable immediately, whether or not the assets sold are in Britain or overseas.

PKF, chartered accountants, and a major offshore player (at least thirty major tax havens are represented in their office list), placed the story, without doubt, and are protesting loudly, saying:

It is particularly frustrating that these measures have only just come to light now in the draft legislation, having been left out of the consultation document published in December. Cynics might claim that its earlier omission was deliberate in an attempt to restrict the time non-domiciled individuals have to act.

I don't say that. I am delighted that this abuse, promoted in no small part by chartered accountants is being stopped.

Cynics (well, me in this case) wonder how PKF can reconcile their position with not just professional ethics but their duty to society as a whole which is inherent in their professional status. That's a much harder question to answer.

Anyone at PKF want to debate it?