Private Wealth Consultant
- t: 0207 653 1760
- m: 0752 616 7925
Mark advises individuals and trustees on all aspects of UK tax and private client legislation that may be relevant to them. Mark’s niche area of specialism is advising clients with international elements (whether these be work, family or assets) and clients holding or creating cryptoassets.
While there are certain, common actions most clients should take, such as preparing wills and lasting powers of attorney, more complex scenarios require bespoke planning. Such planning may mean the establishment of domestic or international trusts and companies or ascertaining the UK classification and tax treatment of digital assets such as NFTs. Mark works with clients to help them understand the classification, succession and tax aspects of such structures.
Mark’s work often involves considering a client’s future and how they would like to hold and eventually devolve their assets. With digital assets, even ‘simple’ activities, such as gifting a cryptocurrency, can give rise to a number of issues.
Internationally, it is often necessary to consider laws outside those of the UK, whether they be domestic laws of a particular country of religious legal systems such as Shari'a. Clients are often comforted to know that if something happens to them there is a plan in place to ensure their loved ones will be looked after.
Take a look at my recent on-demand webinar which focuses on some of the issues that individuals and organisations have to grapple with when investing in and dealing with cryptoassets.
How do you help clients?
Each client has a unique set of circumstances that will need to be considered when determining the appropriate structure for their assets. Some clients will face tax issues where they wish to minimise their exposure to UK tax while for other client’s business structuring or succession may be their major concern.
In the modern world, we have seen secrecy and confidentiality become increasingly important. Therefore, jurisdictional analysis as to information sharing agreements and double tax treaties has become a regular part of our work. Coupled with this, compliance with international disclosure objectives such as the trust registration system and the common reporting standards are areas where many clients need assistance to ensure they have met their requirements.
I, therefore, look first to understand what issues a client faces and then assist with providing them holistic advice on what action they should take in respect of their personal assets. This might include:
- preparation of suitable testamentary documents to determine how assets should pass on death
- advising on the current UK tax regime, a client’s exposure to that regime and what steps can be taken to mitigate unnecessary exposure to UK tax
- assisting the client to transfer their wealth to an appropriate structure such as a trust, company or foundation.
- determining where a client may wish to establish businesses or structures based on local legislation and the impact of international reporting obligations such as the TRS and CRS.
- Assisting a client moving to the UK on the creation of an international tech business.
- Advising a family following the death of the patriarch on the devolution of the deceased's estate and how Shari'a law works with non-UK resident trusts.
- Restructuring family trusts following the emigration of the settlor of the trust from the UK.
- Advising a new cryptoasset business on how it might wish to structure itself with particular regard to the likely UK classification and tax treatment of the tokens and NFTs being minted.
- Advising clients on the purchase, redevelopment and sale of UK commercial and residential property both for personal use and for third-party letting.