Mark advises individuals and trustees on all aspects of UK tax and private client legislation that may be relevant to them. This often involves considering a client's background, current position and future intentions to determine the best action, if any, that client should take.
There are certain, common actions most clients should take, such as preparing wills and lasting powers of attorney, while the more complex scenarios require bespoke planning. Such planning may mean the establishment of domestic or international trusts and companies and Mark works with clients to help them understand the control, succession and tax aspects of such structures.
Mark’s work often involves considering a client’s future and how they would like their assets to devolve. 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 interview with PCD Club which focuses on the 'new normal' environment and how we can all keep our businesses moving forward in these difficult times.
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 wealth. Some clients will face tax issues where they wish to minimise their exposure to UK tax while for other clients 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.
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 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 clients on their UK reporting and tax obligations.
- Advising clients on the purchase and sale of UK residential property and the various structuring options that are available.