Wrigleys Solicitors

The long term approach

This is an aspect on which we concentrate, and one where we differ fundamentally from the vast majority of the tax planning industry, who focus, understandably, on short term planning to mitigate the tax cost of particular transactions. Such exercises are generally linked to major commercial deals, may be elaborate and somewhat artificial, and tend to be expensive, if nonetheless rewarding. The advice is often sought at the last moment, when the opportunity for any simpler strategies has long passed.

We are regularly involved in exercises of that kind, but for the most part our approach is different. Many of our clients are long on assets but short on cash, and more interested in holding on to assets than realising them; though obviously when the time comes, they need to maximise the net take from any eventual disposal. What these clients need is a long term view based as much on an understanding of their aims and aspirations as a foresight of tax threats and opportunities, and above all a view based on experience.

Family offices, in the sense of professional organisations dedicated to the affairs of individual families, remain the province of the super rich, and we work with a number of those on a regular basis. But the ordinary wealthy family increasingly needs an affordable version of that service. Often the first step is the discipline of a family AGM, perhaps when annual accounts are ready. Typically, that sort of meeting will cover:

• a review of family assets, trading and investments


• an assessment of the availability of insurances or other liquidity to meet possible capital taxes on those assets


• a review of family wills and trusts, and how any tax changes, actual or anticipated, may affect them


• an assessment of any particular tax planning opportunities which current family circumstances or asset situations may present


• a discussion of any existing or expected family developments or problems, and their possible impact on taxation and succession plans


• a review of performance and cost of professional advisers


• a check that trustees and advisers understand and support family aims and aspirations or any change of direction in them

This is the kind of process which develops into a coherent family strategy, which in turn leads to the most effective long term tax planning - often the more robust for being relatively simple in its original conception. The problem is that many wealthy families do not recognise the importance of instigating such arrangements, generally completely new to them, until it is explained to them. This is where we can help.