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While a number of the announcements made in today's Pre-Budget Report were, unsurprisingly, primarily fiscal stimulus measures, a number of further themes stand out, notably scrutiny of offshore financial centres and a further attack on UK trusts.

Offshore centres

In particular, it was announced that the Government will shortly commission an independent review of British offshore financial centres. The review is to focus on the role of the financial centres in the global economy and their long-term business strategies. The review arises in the context of 'severe financial turbulence' and it is fair to anticipate that it will focus at least in part on tax practices in the offshore centres it covers....

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