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Partner, Head of Tax
Specialism: Lawyers Tax, Estate Planning, Corporate and Regulatory
Company: Edwin Coe
Location: London, England
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Average client size: £5 million - £25 million
Fixed fee offering: Yes - Matter dependent
Number of offices globally: 1-5
2 Stone Buildings, Lincoln’s Inn, London, WC2A 3TH
T: +44 (0)20 7691 4136
F: +44 (0)20 7691 4111
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Tax planning for a HNW individual exposed to £7.5m of inheritance tax
An existing client approached me because he was concerned about his exposure to inheritance tax in relation to personal and business assets accumulated over many years. Having met with the client in his offices and reviewed various documents it became apparent that succession planning in relation to his business was critical to him. In addition deficiencies in relation to his existing will were identified.
The client commissioned a report to cover all his requirements.The review highlighted that an exposure to approximately £7.5m of inheritance tax existed so steps were identified which sought to mitigate this including lifetime gifting; a reduction of cash balances within the accounts of his businesses to reduce the risk of the loss of Business Relief for Inheritance (BPR) qualifying status; consideration of a transition in the client’s investment strategy to move towards BPR qualifying investments; the settlement of shares in various BPR qualifying businesses in to a UK discretionary trust and inclusion of the next generation within the management of the business. Amendments were made to the client’s will to better reflect his current wishes and provide support to family members who were not currently adequately provided for. We worked with various advisers including his bankers and corporate lawyers to implement the suggestions for the client. The client felt relieved that his family were looked after, the next generation of his family were more integrated within the business and that his overall wealth accumulation had been reviewed in one cohesive review. We continue to work with the client on a day to day basis, as well as the next generation as they get to grips with taking a more active managerial role in the various businesses. The client phones regularly simply for a chat, to tell me a really poor joke or to let me know about a really good restaurant he might have visited. He is much more relaxed now and we have developed a strong friendship.