Richard provides tax and legal advice to high net worth individuals, their families, trustees and family offices.
He provides full estate and succession planning advice for clients that are tax resident in the UK, often with tax as a major factor, and frequently in connection with liquidation events. He explains, in simple terms, the wide range of planning options available to such clients, from family investment companies to trusts.
Further afield, Richard provides expert tax advice to individuals looking to immigrate to the UK, or seeking to invest some of their personal wealth into the UK. He has expertise in the legal and tax implications of a wide variety of offshore structures used to hold luxury assets and liquid investments.
When things go wrong, which they often do without proper advice, Richard loves problem solving. He has significant experience in helping offshore administrators to resolve historic tax or legal issues arising within the structures they manage. He also enjoys working on high value or complex probates and estate administration, particularly involving multiple jurisdictions.
How do you help clients?
I help to protect and preserve the existing wealth of a family. The greatest risks to that wealth are family litigation and tax and my job is to limit the risk of both.
When I create a succession plan or an asset protection structure for a client, I therefore try to encourage strategies and solutions which address not only tax minimisation, but also the client’s relationship with, or concerns relating to, future generations and/or the wider family.
The consolidation of the offshore professional service industry has unearthed many offshore structures which were either poorly run or poorly set up many years ago. I advise offshore trustees and directors on how best to rectify historical problems with their structures, often involving tax and requiring them to correct the position with HMRC. The offshore anti-avoidance tax legislation is a monstrous beast. I give plain and simple tax advice in a complex area.
If clients have been reluctant to seek good advice during their lifetime and have been caught out by an unexpected and untimely demise, the legal issues associated with the estate administration are often complex and messy, particularly when the values are high. I work on resolving those issues, often cross border, whilst my excellent team progress the day to day estate administration in parallel.
- Providing tax and legal advice to an ultra-high net worth foreign individual prior to and during his becoming UK tax resident. We advised on a clean capital structure and separate structures for luxury assets such as a plane and a yacht.
- Providing tax and legal advice to a UK-based executive who wished to set up a family investment company and a charity as part of his overall succession plan.
- Helping a Kuwait national resolve significant tax issues associated with an old, cheap Liberian company which had been holding a valuable UK residential property.
- Advising the UK resident trustees of a series of valuable trusts on how best to wind down the structures in favour of a wide class of beneficiaries.
- Advising a Swiss-based family office on the administration of a complex estate for a very wealthy, intestate, Saudi Arabian citizen, resident in Switzerland, but domiciled in an EC country, holding assets in jurisdictions where Sharia law, common law or civil law applied.