UK residents, domiciled and non domiciled, owning property in Spain using an offshore or trust structure will need to look very carefully to the new domicile and residence changes in UK expected for April 2008.
As in previous years, we are expecting changes to the proposed legislation before final enactment and there may be some other issues arising, which we will try to address in our blog.
What is clear now is that anyone on that category will need to pose how those changes may affect his or her position and try to plan prior to 6 April 2008 an efficient course of action.
Some of the changes will affect the selling of property in Spain by the offshore company or trust structure if owned by UK residents and this is something to consider seriously with your UK tax adviser.