Establishing a family office in the UK for an overseas family
By International Adviser, 4 Dec 18
Running a UK family office has unique issues, says Irwin Mitchell Private Wealth’s Alex Ruffel
Tax: Depending on what you want your UK family office to do, you should also be wary of exposing income and capital gains generated on non-UK assets to unnecessary UK tax leakage.
This can be achieved by keeping custody and ownership of the investments, together with primary management and control, outside the UK, but this largely depends on the intentions of the family.
It is possible that the family office is headquartered in a low-tax jurisdiction (Malta for example) and pays a fee to the UK subsidiary only for the UK services required. If structured properly, the only UK taxable event would be the fee received by the UK entity.
Tags: Alex Ruffel | Family Office | Irwin Mitchell
