Private wealth services for financial services professionals

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Caren Chandler
5 years ago
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1 Private wealth services for financial services professionals

2 Why Saffery Champness? Saffery Champness is one of the UK s leading advisers to private clients and their businesses. We save our clients money and take away the frustration of complex accounting and tax administration. Our specialist Financial Services Team acts for numerous high profile individuals across a wide range of businesses, from start-up hedge funds to multinational banks, from newly appointed partners to FTSE 100 board members. Throughout the firm you will find professionals familiar with the complex range of issues involved in amassing capital, protecting it, using it to best effect and then passing it on. In other words, looking after the interests of you and your family is what we do best. There is no such thing as a standard Saffery Champness client, but they often have several things in common: y They appreciate advisers who will build up the in-depth knowledge of a family s circumstances, which only years of service can provide. y Their finances are substantially more complex than the average person s and can benefit from the wide range of sector and geographic expertise which we offer. y They would like assistance to sort out their finances, including creating a financial plan for their family. y They require advisers with the knowledge and capability to see them through life changing events, be it family matters, a new job or setting up on their own. y They may have suffered from a lack of service at other firms, where they were treated as part of a corporate structure. They require advisers who value personal relationships and with a partner-led culture in which they will always be able to speak to the right person. y They want the pressure and worry of dealing with HM Revenue & Customs (HMRC) taken off them. 1

Advising the financial services sector Banks Private equity Bankers are highly motivated professionals who provide an excellent service to their clients and whose time is at a premium.

3 Advising the financial services sector Banks Private equity Bankers are highly motivated professionals who provide an excellent service to their clients and whose time is at a premium. They require the same levels of service from their advisers. At Saffery Champness, our partners are always accessible and on-hand to advise when matters are time critical. We understand the way in which bankers are paid, how their cash balances are affected by the delay in bonuses being available to them, and can advise on ways to minimise on-going tax liabilities to maximise the amounts available for their families. There are as many different models for a private equity structure as there are private equity houses themselves. We help our clients to understand exactly how money goes into and comes out from their bespoke structures. We also realise the importance of all the fund s partners conveying a consistent message to HMRC, and therefore take the time to review transactions with the internal finance team. Carried interest is an enormously valuable asset in the private equity world, and it is equally so for tax planning purposes. With careful planning, the carried interest can be tax-deferred for some individuals, tax-free for others and even passed to children without any inheritance tax consequences. We review each individual s interests in the funds to ensure not only tax efficiency, but also that it is held by the correct family vehicle. 2

Hedge funds Non-domiciled individuals Whilst the investment strategy for each hedge fund is unique, there is great consistency in the legal structures.

4 Hedge funds Non-domiciled individuals Whilst the investment strategy for each hedge fund is unique, there is great consistency in the legal structures. As a result, with our knowledge of both the funds themselves and also their advisory entities, we are well placed to advise hedge fund managers on their tax and financial planning position. The UK government has a long standing policy of encouraging investment management business in this country, hence the generous investment management exemption. At the same time, it has been suspicious of roll up offshore funds, and so gains on such funds are often charged to income tax. With careful planning, the latter can often be avoided and the tax implications of bringing income to the UK as a result of the former can be softened. We work closely with the funds to achieve these goals. Despite the changes in the tax treatment of non-doms since 2008, the UK remains an attractive jurisdiction for people outside the UK to move to for the financial services sector. London is also anticipated to remain as the most important global city for high net worth individuals for the foreseeable future. Opportunities remain for non-doms to build up assets offshore in a tax-free or tax deferred environment. Such planning techniques are entirely anticipated by the tax legislation and therefore by HMRC. Careful planning is needed to start with, followed by ongoing monitoring to ensure that the plan is adhered to, or restructured, where appropriate. We often find that clients come to us when their offshore planning has not worked. On such occasions we work closely with investment managers and lawyers to ensure that the client s finances become tax compliant again as efficiently as possible. 3

Advising the financial services sector Dealing with HM Revenue & Customs Our role is to ensure that our clients finances are structured tax efficiently, without resorting to artificial structures

5 Advising the financial services sector Dealing with HM Revenue & Customs Our role is to ensure that our clients finances are structured tax efficiently, without resorting to artificial structures which can be attacked by HMRC. We regularly enter robust discussions with HMRC over how transactions should be taxed, but we pride ourselves on maintaining the best possible relationship with the tax authorities, as this is in the long-term interests of our clients. An HMRC enquiry can be an unpleasant episode in a client s life. Our role is to take the pressure off you and it is good to have someone on your side who can speak their language. 4

6 Family wealth review Our services Put simply, a family wealth review involves collating all the relevant information to give a snapshot of the family s financial position. This can include summaries of wills, details of trust assets, analysis of investment portfolios, and so on. Many clients find it reassuring to know that should anything happen to them there is one document to which people can turn. The family wealth review is an excellent starting point for considering financial planning issues. We are not regulated to advise on individual financial products, however we have great experience of identifying matters outside the tax sphere which can have a major impact on a family s finances. As a result, we work alongside other professionals to ensure that all your financial concerns are addressed. As you would expect, we offer a full range of accountancy compliance and advisory services. These include: y The efficient preparation of UK tax returns, providing tips on saving tax throughout. y Regular advisory meetings to identify new opportunities. y Assistance with overseas investments, such as a new business or holiday home. y Working with clients and their other advisers to ensure that transactions are effected smoothly. y Preparation of a family wealth review to enable a client s overall position to be considered. y Planning for the future, to identify and mitigate potential liabilities. 5

Advising the financial services sector Contact us For a free introductory discussion about how we could assist you, please contact us. James Hender Partner T: +44 (0)20 7841 4014 E: james.

Many of his clients have moved on to found their own businesses and so he also works with entrepreneurs and owner-managers across a range of commercial issues.

7 Advising the financial services sector Contact us For a free introductory discussion about how we could assist you, please contact us. James Hender Partner T: +44 (0) E: james.hender@saffery.com James mainly advises high net worth clients in the financial services sector, including senior bankers, hedge fund managers and private equity specialists. Many of his clients have moved on to found their own businesses and so he also works with entrepreneurs and owner-managers across a range of commercial issues. Over recent years, many of James clients have been nondomiciled and he has worked closely with them and their other advisers to ensure the most tax efficient strategies are adopted for non-uk situs assets. Leonora Stevens Senior Manager T: +44 (0) E: leonora.stevens@saffery.com Leonora s background is in providing tax compliance and advisory services to high net worth individuals, with an emphasis on clients in financial services. Leonora s varied experience enables her to advise, in particular, on issues affecting non-domiciled individuals in this sector who live, work and/or invest in the UK. Leonora has also worked for entrepreneurs, wealthy families and partnerships, which is useful when advising those who have spent years working in the banking industry or hedge funds, and wish to set up their own enterprises or acquire landed estates. 6

8 Our offices Bournemouth Midland House, 2 Poole Road, Bournemouth BH2 5QY T: +44 (0) Bristol St Catherine s Court, Berkeley Place, Clifton, Bristol BS8 1BQ T: +44 (0) Edinburgh Edinburgh Quay, 133 Fountainbridge, Edinburgh EH3 9BA T: +44 (0) Geneva Boulevard Georges-Favon 18, 1204 Geneva, Switzerland T: +41 (0) Guernsey PO Box 141, La Tonnelle House, Les Banques, St Sampson, Guernsey GY1 3HS T: +44 (0) Harrogate Mitre House, North Park Road, Harrogate HG1 5RX T: +44 (0) High Wycombe Fox House, 26 Temple End, High Wycombe HP13 5DR T: +44 (0) Inverness Kintail House, Beechwood Park, Inverness IV2 3BW T: +44 (0) London 71 Queen Victoria Street, London EC4V 4BE T: +44 (0) Manchester City Tower, Piccadilly Plaza, Manchester M1 4BT T: +44 (0) Peterborough Unex House, Bourges Boulevard, Peterborough PE1 1NG T: +44 (0) Zurich Hottingerstrasse 17, 8032 Zurich, Switzerland T: +41 (0) Saffery Champness is regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Saffery Champness is a member of Nexia International, a worldwide network of independent accounting and consulting firms. No responsibility for loss occasioned to any person acting on or refraining from action as a result of the material in this publication can be accepted by Saffery Champness. J4603. Saffery Champness 2016

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