Some of China’s richest people are unwinding offshore trusts ahead of a tax deadline, advisers say.

Beijing set an October 22 deadline to declare offshore trust income.

A 20 percent tax will be imposed on such profits.

Some are selling shares and even switching nationality, wealth advisers and lawyers say.

Founders of Hong Kong- and US-listed firms are expected to be hit hardest.

Tax payable in one case could range from millions to billions of yuan, an adviser estimated.

The move is part of tighter scrutiny of capital outflows amid fiscal strains.

Read the full article for more details on China’s offshore trust tax deadline.