Introduction
In response to a fast-changing and unpredictable world,
important decisions about how best to structure and shelter private
wealth can sometimes be forced upon trustees and UHNW families
unexpectedly.
Families and trustees may often feel compelled to react under
acute time pressure and with limited information. The 2024 decision
of the UK to abolish its 'non-dom' regime, for decades the
cornerstone of UK/offshore wealth planning, has forced many wealthy
families to consider relocating themselves and radically
restructuring their assets in response.
It is not uncommon – particularly where rapid and radical
changes interact with complex tax rules – that oversights and
mistakes occur with unforeseen consequences. Fortunately, where
transactions involve Jersey trusts, there are options available to
trustees and UHNW families to set aside transactions, entered into
on the basis of a mistake, misunderstanding or other serious
error.
