If a client simply wishes to ensure that his or her offshore assets are outside the UK tax net, Bourse suggests the client settle the offshore assets into a Bourse Protected Trust (“Option 1”). It is also suggested that Bourse Info Sheet – Special Considerations for IHT deemed-doms is considered as part of this decision process.

In order to take advantage of Option 1, the client should take the following steps – please note the Protected Trust Application Form is only available on request from Bourse:

1. The client should complete a Non-Dom Pre-Verification and Pre-Approval Form and send to Bourse so that Bourse can begin its compliance process and the process of getting pre-approval for opening a bank account if the client has cash.
2. The client must then complete a Protected Trust Application Form and sign both the Deed of Assignment and Confirmation of Trust and the Content of Application Forms section. This will have the effect of settling a trust for the benefit of the beneficiaries listed in the Form on an executory basis – for further information on this Bourse Info Sheet – Establishing a Trust on an Executory Basis and Practicalities of Transferring of Assets In Specie.
3. The client must finally complete a Client Due Diligence Form and provide the relevant documentation as set out in that Form. Although the client’s Protected Trust will exist from the date of Bourse Trust’s acceptance of trusteeship in accordance with the Protected Trust Application Form, the Client Due Diligence Form must be provided as well.
4. Each of these Forms should be sent electronically to Bourse (at non-domsolution@bourse.gg) and in hard copy to Non-Dom Solutions Team, Bourse Trust Company Limited, Havelet House, South Esplanade, St Peter Port, Guernsey GY1 3JS.