Top Ten Tax & Trust Lawyers
It’s close to a year since Sophie Dworetzsky’s move from Withers to Charles Russell Speechlys, and Spear’s checks in to see how she’s faring. ‘I’m really pleased,’ she enthuses, confirming that she continues to work with an international and commercial private client base, largely made up of entrepreneurs, business owners and high-performing fund managers. Joining the firm has unlocked a new specialism for her too, as she has been focusing on family office structuring ‘in greater depth and detail’.
The dynamic tax landscape has made Dworetzsky highlight a number of important issues HNWs must consider before setting up a family office. ‘Think about the tax efficiency from both an ownership stake and from a remuneration stake – how will the [managers] be incentivised? Will it be standard salary and bonus or will it be a carry structure?’
Meanwhile, she points out the possibility of tax rises in the near future ‘to pay for the £357 billion black hole’ that the Covid-19 crisis will leave behind. It’s a fine balance, she adds, between ‘the political aspect of how to make it palatable, the question of how to actually raise the right amount of money, and how do you also do that while maintaining the tax competitiveness of the UK?’.