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From garage to unicorn – Employment law lessons for scaling tech teams
Catherine Bourne
Family trusts have always been a traditional feature of estate planning, a well-known means of passing on wealth to the next generation and potentially reducing Inheritance Tax (“IHT”) on an estate. However, Family Investment Companies (“FIC”) have become increasingly more attractive over the last 10 years because of their structure and tax advantages. In the meantime, we have seen the popularity of trusts decline, perhaps due to their archaic nature, negative press coverage and a less sympathetic tax regime for trusts. Are FICs the new Trusts or is there room or both?
There is currently considerable speculation in the UK about changes to the UK tax regime which the new Chancellor will announce in the forthcoming Budget on 30 October. These may include changes to announcements that were made earlier this year by the previous government. It is possible that the October announcements will affect what follows in this note.
As so many families that we advise now live across several countries, and particularly in France, we regularly get asked whether Lasting Powers of Attorney made in the UK and registered with the Office of the Public Guardian can be recognised in France.
I recently appeared as a guest on Radio 4’s Money Box, with Paul Lewis, discussing the issues faced by deputies when trying to access and manage bank accounts for those who lack capacity.
Historically, Americans have been some of the most significant users of the remittance basis of taxation, but this may soon become redundant if the Tories get re-elected. So how will the proposed tax reforms relating to non-domiciled individuals who have or are considering making a move from the US?
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