Personal Perspectives – February 2017

Personal Perspectives – February 2017

KPMG’s Private Client magazine about a variety of current issues relevant to wealthy individuals, family offices and entrepreneurs.

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The February 2017 edition of Personal Perspectives is issued at a time when the UK’s economy is strong within the global market place, but the negotiations around leaving the EU inevitably promise a challenging period of uncertainty. Accordingly, we focus on the challenge of change with the theme of managing through uncertainty and dealing with disruption.

We are delighted to feature an interview with Yorkshire based Ian Townsend, who talks about how, having spent a number of years building up and then selling businesses, he thrives on the challenge of getting to grips with something new and explains how this has now led him into new ‘lifestyle’ related ventures. 

For entrepreneurs with the challenges of running their own business, in our thought provoking article entitled ‘The family business - til death do us part?’ we examine the tax impact of continuing to own a profitable business until death.

With a further look at offshore assets, we focus on how HMRC are raising the financial stakes and also introducing the reputational damage of being ‘named and shamed’ for failure to correct compliance errors. With complex tax rules, unintentional errors can easily happen and we highlight some positive actions to manage the resulting uncertainty. 

With the fundamental changes impacting non-doms, we highlight how Wednesday 5 April 2017 will be ‘switchover day’ for many long-term resident non-doms and question if those who might be affected are prepared.

For those with a UK company, UK business or property owned by a non-UK company, we highlight how both the ultimate individual shareholders and companies in a structure have legal obligations to provide public information in the UK. 

Finally, despite uncertainty around anticipated changes that will restrict access for EU citizens, the UK is still a welcoming attractive country and a place to which many people would like to relocate. We explore the ‘investor visa’, which allows non-UK nationals access if they invest in the UK.

If you would like to find out more about any of the points raised in this edition of Personal Perspectives please contact your normal KPMG Private Client contact or one of the advisers listed at the end of the magazine.

 

For further information please contact :

Greg Limb

Daniel Crowther

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