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In the 2015 Summer Budget the former Chancellor of the Exchequer, George Osborne, announced reforms to the rules regarding the taxation of people who hold UK non-domiciled status (‘non-doms').

The UK government announced at the outset of these reforms that it intended there to be some protection for those individuals who had set up offshore trusts before they became deemed-domiciled.

Hammered out over the past year in protracted negotiations between Gibraltar, Britain and the European Commission, an agreement to extend the tax exempt status of 8,464 Gibraltar registered companies until December 2010 removes much uncertainty hanging over Gibraltar’s Finance Centre.

In 2007, as a result of HMRC receiving information from five major UK banks with offshore subsidiaries, HMRC offered an Offshore Disclosure Facility (“ODF”) which was designed to allow those people holding offshore accounts to declare those accounts and put their tax affairs in order.

Over the last couple of months I have been considering Gibraltar’s place in today’s offshore – or "international" – finance centre pecking order.

The concept of a Trust was first used in Anglo Saxon times and is an arrangement whereby property is transferred from one person or corporation (the Settlor) to another person or corporate body (the Trustee) to hold for the benefit of a specified list or class of persons (the Beneficiaries). A Trust is not a corporate vehicle, joint venture or Partnership. It is an equitable arrangement between the Settlor and the Trustee represented by a set of instructions.

The first edition, published in February 2008, has already established a reputation as the original book on Protected Cell Companies (PCCs) - a growing phenomena in the insurance industry in particular.