Richard has almost 25 years of experience in advising families, trustees and family offices with complex, international and/or high value affairs. Richard is recognised as one of the UK’s leading trusted advisors and was recently named one of the '50 most influential' private client practitioners 2021 by eprivateclient.
Richard has a reputation for his commerciality in highly complex tax, legal and family situations and for his use of plain English when advising on the detail.
Richard advises both domestic and foreign clients on the structuring of their wealth/luxury assets and investment into the UK.
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 complex, international and/or high value probates and estate administration.
How do you help clients?
I help to protect and preserve the wealth of a family and the family from the wealth. The greatest risks to that wealth are family discord 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 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 individuals have been reluctant to seek good advice during their lifetime, it can lead to significant difficulties with HMRC and, when they die, with their families. I enjoy rectifying the affairs of those that have been ignorant or remiss with HMRC and also the legal issues associated with estate administrations that have become 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 tax compliance and 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, art and a yacht.
- Advising a UK-based executive who wished to set up a family investment company and a charity as part of his overall succession plan.
- Helping royal families of several different countries in the Middle East with adjustments to their structures that hold UK investments in order to improve UK tax efficiency.
- Administering a very high value international estate, with triple estate taxation in play, and in parallel advising the son of the deceased on his tax efficient migration to and settlement in the UK.
- 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.