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‘Dealing with families and family business, we invest a lot of time in helping clients resolve their differences without causing rifts in familial relationships,’ says Daniel Sopher, who has a background in both tax advisory and law. ‘We’ve been doing a lot of mediation recently,’ he adds.
After studying law at UCL, Sopher became PwC’s youngest tax manager in September 2001. Since 2014, he’s run the business his father Ivan started 40 years ago.
Much of his mediation work involves resolving disputes over ownership of business, and succession issues regarding how a business will be run by the next generation, but Sopher’s experience spans various sectors. Such a rounded approach undoubtedly helps in advising the firm’s clients in creative arts – from A-list musicians to prominent film and TV producers.
Today Sopher + Co employs more than 100 people. ‘We can do anything from accounting for clients’ businesses to doing the payroll for their household staff,’ Sopher explains.
Following the CRS, HMRC will have more information about clients, he says: ‘We’re expecting to see more enquiries from HMRC looking into the overseas aspects of clients’ affairs’. He also believes that while the tax system is ‘very forensic’ at looking at HNWs and their tax affairs (‘it’s really stopped aggressive avoidance from that end’), it hasn’t kept up with the multinational corporations.