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Tax, Trusts & Succession

Michelmores has one of the strongest private wealth practices in the South West benefiting from a history and tradition dating back over a century combined with a modern and proactive approach to providing practical and cost-effective solutions for our clients. Our aim is to provide a fast, efficient, competitive and friendly service to private clients in all aspects of their legal requirements. Our team is top ranked by independent legal guides, Chambers High Net Worth 2022 and the Legal 500 UK who recognise lawyers Sandra Brown, Jennifer Ridgway, Tony Cockayne and Edward Porter for their expertise.

Tax Planning and Wealth Protection

No one wants to see their assets, built up over a lifetime's work, disappear in taxes when there are perfectly acceptable means of protecting this wealth. 

Our team helps families structure their assets in a way that preserves wealth, both now and for future generations. We act for clients who are based exclusively in the UK as well as international families with assets in the UK or with family members with connections in the UK. 

Inheritance Tax and Planning for Retirement

The right professional advice will:

  • Safeguard family and business assets
  • Provide strategic estate planning, including detailed knowledge of the exemptions, reliefs and tax planning techniques available to enhance your savings and assets
  • Help to minimise tax liabilities on the death of a spouse
  • Guide you through the complexities of succession planning and the transfer of business assets between the generations, including Inheritance Tax, Stamp Duty and Capital Gains Tax mitigation

Tax compliance and HMRC enquiry advice

Michelmores specialises in advising on tax issues for high net worth individuals and we prepare income tax returns for individuals, trusts and estates.

Remember, tax regimes, property law and family circumstances all change regularly, so a regular review of your affairs is strongly advisable.

International Tax Planning

We have a team of Lawyers capable of advising on all aspects of UK tax planning for international clients. This includes pre-residency remittance basis planning, the use of off-shore trusts and their consequences for UK based settlors and beneficiaries, the tax efficient structuring of assets, double tax treaty advice and compliance and reporting obligations. 

Related Information

Annual tax on enveloped dwellings

Michelmores provides top quality advice at sensible charge out rates.
Legal 500 2020
Stays in touch with clients to make sure they stay focused on the area of planning.
Legal 500 2017
The private client team are talented. They know what they're doing. Their turnaround is phenomenal - they're always able to pick it up and run.
Chambers 2017
They're obviously very friendly, collegiate and knowledgeable. They're highly knowledgeable on more complex international cases.
Chambers 2017
The team is top ranked by independent legal guide, Chambers High Net Worth 2022, who recognise lawyers Sandra Brown, Jennifer Ridgway and Tony Cockayne for their expertise.
Chambers High Net Worth 2022
This firm punches above its weight in the private client sphere, offering expertise at a very high level indeed from both London and Exeter.
Legal 500 2022
The team has great strength in depth and is led by outstanding individuals. Unlike other firms, Michelmores has always retained a strong private client team and this commitment to the sector is reinforced by the quality of the team.
Legal 500 2022
Highly relevant experience delivered in a practical and cost-effective way.
Legal 500 2022

News

Recent experience

Advice to Individuals:

Working with the owners of significant privately owned family companies to ensure an effective succession to the control and capital value of the business.

Regulatory nuptial arrangements to protect family assets, both before and after a marriage.

Advising non-domiciliaries how best to structure assets before becoming UK resident.

UK advice:

We act for more than 30 landed estates and act as trustees of a considerable number of these.

We have recently provided family constitution advice to a client with a £15m family business and a disparate successor generation. 

Our Tax Compliance team has worked with our tax planning Lawyers to develop a comprehensive tax compliance and mitigation service.

Advice to trustees:

We are the sole legal advisers to the trustees of a group of eight family trusts that own significant City property interests and investment portfolios.

Have developed with the trust beneficiaries an agreed understanding of the future for the family wealth and related interests.

Advice to institutional trustees: 

Advice regarding the availability of the 'motive defence' to mitigate significant beneficiary tax liabilities.

Managing a £50 million distribution of limited partnerships interests.

Negotiating warranties, indemnities and advice as to the conditions on assignment.

Advice to non-UK law firms: 

Advising as to best practice for a Liechtenstein Foundation in view of the recent UK/Swiss tax agreement.

Advising as to how best to structure the tax efficient receipt by a UK resident (US citizen) of capital distributions from an existing offshore structure.