There is a disconnect between jurisdictions when it comes to interpreting the CRS rules, and this has thrown up ‘unhelpful anomalies’ in the tax world, says Liz Palmer.
‘Increasingly, the answer to a client’s question is not written in a textbook,’ says Filippo Noseda, a partner in the Mishcon Private team. ‘More than ever, families need strategic advice – for example, European families faced with the fallout of Brexit, or Middle Eastern families faced with systematic instability in their region.’
Even someone as experienced as Patricia Milner is concerned about the state of UK politics. ‘There’s lots of uncertainty,’ she tells us. ‘Quite a few clients are wondering whether they should stay or leave: that is very unsettling.’
Clare Maurice is a delight to talk to: ‘We’ve been very busy and wondering when the summer lull will come over us. It tends to be coming up now – in the old days there was no email or anything so [clients would] sit and plot at home, and you wouldn’t hear from them until they got home. Now they’re sitting in their deckchairs!’
‘The distinctive thing about Macfarlanes is that we have a reputation as the only firm that has a leading reputation for both private client and corporate work,’ says Charles Gothard, the razor-sharp co-head of the firm’s family office group. As a result it has a ‘disproportionate number’ of entrepreneurs as clients, who are attracted by a firm that can advise on personal planning while having a full understanding of their business should the need for a company restructuring arise, for example.