Top Recommended Tax & Trust Lawyers
Over the past year Mark Buzzoni has been involved in some ‘heavy-duty arguments with HMRC about domicile’, fuelled by changes to domicile rules that continue to provide specialists like him with plenty to do.
Other notable work has involved helping clients navigate the new capital gains tax regime, which will affect commercial property when it comes into force next year – as well as assisting those moving to the UK with their tax planning.
An expert in tax, trusts and family governance issues, Buzzoni has a predominantly international client base – around 80 per cent come from abroad, hailing from Europe, the Middle East and the Far East, plus a number of Americans based in London.
While British clients still make use of trusts, those from overseas are wary of the loss of control involved when transferring assets. A popular alternative, he notes, is the private trusted company, which allows the family to retain ownership and is becoming increasingly common.
The government is so desperate for cash, says Buzzoni, that it pays insufficient regard to questions of fairness and damage to the economy that tax policy can do. ‘The tax system has become very complex,’ he says, ‘and there doesn’t seem to be much of a drive to make it simpler and thereby increase revenue. There isn’t enough standing back;
too much short-termism.’