The rules, which are due to come into force on July 1, 2020, are part of an effort by the bloc to shut down corporate ploys to shift profits to low-tax countries.
Practices in Greece, Cyprus and Malta distort competition in the maritime sector, violate EU law “and must come to an end,” he said.
The Finance Bill, which will take effect from 6 April 2018, provides revised legislation regarding the recycling of benefits from offshore trusts via non-resident beneficiaries and the tax treatment of distributions to close family members of the settlor.
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Anyone with offshore assets is being warned to make sure they disclose them, or they could face new, tougher penalties.
Meanwhile, almost two thirds of trustees (64 per cent) reported that they had received fraud risk training within the last year, up from just one in five (22 per cent) last year.