Top Recommended Tax & Trust Lawyers
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.’
Of course, the current tax and regulatory environment doesn’t help. Milner lists some of the changes: ‘There’s the CRS, and other changes such as the EU 5th Money Laundering Directive, the introduction of the trusts register, the PSB Register.’
How are clients responding? ‘They’re aware of an increasing onus placed on them… While
some clients are unhappy about it, there is a growing acceptance that it’s a global issue… Some clients are looking to Switzerland for custody of some assets; others have already got a footprint in another jurisdiction and are looking to strengthen that.’
The complexity of the tax environment is producing another trend. ‘I’m acting for a lot of families who are consciously looking at their succession planning,’ she says.
Milner is also handling an increasing number of next-gen matters: ‘They have different interests and different aspirations. These shape how the family wants to move wealth down the next generation.’