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Company: Mark Davies & Associates
Location: London, England
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Average client size: £5 million - £25 million
Fixed fee offering: Yes - Tax returns
Number of offices globally: 1-5
40 Basinghall Street
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Client work includes:
Mark describes one recent client matter, where the client’s local advisers intended that their foreign domiciliary client (a ‘non-dom’) should become UK tax resident in the year ended 5th April 2018, and he had capitalised a “fund” prior to his arrival to supply ‘clean capital’.
Mark Davies & Associates were instructed to review the client’s residency position. At the time the client had not spent sufficient time in the UK to be UK tax resident under the statutory residency test. The client and his family were urged to leave the UK, thus allowing him to remain a non-UK tax resident for the year ended 5th April 2018. This bought the client time to collect sufficient clean capital before the start of the next tax year. Further, Mark Davies & Associates advised on depositing the clients clean capital with an offshore bank, borrowing against the clean capital and then investing the loan proceeds in foreign investments. The foreign investments were used to service and repay the loan over time. This meant that the security on the clean capital account could be released to allow the clean capital to be accessed and used in the UK tax free.