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Tax and Jurisdictions

August 4, 2009

Creative thinking and greater efficiency can counter some of the challenges facing family offices during the crisis according to a leading family office lawyer.

Creative thinking and greater efficiency can counter some of the challenges facing family offices during the crisis according to a leading family office lawyer.

August 3, 2009

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Details of the settlement have not yet been disclosed but US media reports suggest UBS will be forced to reveal the names of thousands of private banking clients, including wealthy families, who hold offshore accounts in Switzerland.

July 30, 2009

The financial crisis has changed the financial services industry as we know it. Markets are focusing more on risk management, stock markets are volatile and corporate bonds not as safe.

The financial crisis has changed the financial services industry as we know it. Markets are focusing more on risk management, stock markets are volatile and corporate bonds not as safe. The credit rating agencies, relied on by regulators under the Basel II capital adequacy regime for banks, are discredited, and global regulation faces restructuring. The Basel Committee is revising its capital adequacy standards, and there are moves in the US and Europe to set up bodies overseeing systemic risk. 

July 23, 2009

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009. Conscientious wealthy families and their family offices have been reassessing their tax arrangements in light of this hiatus of activity. However, it is important to remember that tax planning is much more than a simple financial calculation.

Tax is never far from the headlines in an average year, but it has demanded particular attention in 2009, writes Hakan Hillerstrom. The worldwide recession has reduced the income of all the world's economies as tax receipts from business profits, personal income, wealth tax and VAT have fallen away. Many governments have reacted by aggressively reducing interest rates and making sure that central banks pump money into the system to get the banking system to work again.

July 9, 2009

Within the family office the role of the trustee is to safeguard assets and present investment options to the family. In today’s litigious society failure to manage these duties can be severe. Henry Frydenson outlines the pitfalls for trustees and offers advice on ways to avoid problems

Within the family office the role of the trustee is to safeguard assets and present investment options to the family. In today's litigious society failure to manage these duties can be severe. Henry Frydenson outlines the pitfalls for trustees and offers advice on ways to avoid problems

July 9, 2009

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

The Swiss government announced yesterday it would seize UBS banking records rather than allow the US government to access the identities of 52,000 American UBS account holders, who include wealthy families.

June 3, 2009

On 17 February, the American Recovery and Reinvestment Tax Act of 2009 was signed into law. The Act included $300 billion in tax relief so if you own a business in the US or invest in a business in the US, it’s important to understand these changes and capitalise on them now.

On the 17 February 2009, the American Recovery and Reinvestment Tax Act of 2009 ("the Act") was signed into law by President Obama. The Act included $300 billion in tax relief so if you own a business in the US or invest in a business in the US, it's important to understand these changes and capitalise on them now, as a number of the changes are either temporary or temporarily extend prior provisional law.

Highlights of major business deduction changes include:

June 3, 2009

One of the best ways to reduce inheritance tax (IHT) on your death is to give away assets during your lifetime. The problem is, a gift can trigger a large capital gains tax (CGT) bill if the asset has gone up in value during your period of ownership. That has always been a big disincentive to lifetime giving.

Save inheritance tax and reduce your capital gains tax bill
One of the best ways to reduce inheritance tax (IHT) on your death is to give away assets during your lifetime. The problem is, a gift can trigger a large capital gains tax (CGT) bill if the asset has gone up in value during your period of ownership. That has always been a big disincentive to lifetime giving.

June 3, 2009

Much talk in the past few months has been focused on which jurisdictions are the most family office friendly. Whilst Switzerland, Monaco and London seem obvious choices when establishing a family office within Europe, we found that the Isle of Man, a self governing British Crown dependency, suited our purposes and is now making concerted and successful efforts to compete in this market.

Much talk in the past few months has been focused on which jurisdictions are the most family office friendly. Whilst Switzerland, Monaco and London seem obvious choices when establishing a family office within Europe, we found that the Isle of Man, a self governing British Crown dependency, suited our purposes and is now making concerted and successful efforts to compete in this market.

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