Saffery Trust is reminding clients who are residents in the UK and domiciled in another jurisdiction to engage with their advisors ahead of upcoming UK tax policy changes.
The proposed policy changes were included in a series of policy papers, and are set to be announced in the Budget on 30 October 2024. Saffery Trust Associate Director, Donna Brehaut, said that the firm is primed to explain changes to clients and alleviate their concerns.
“Tax policies are highly complex and understanding the impact on each of our clients and their wealth structures is an essential part of our role. The upcoming changes proposed by the Labour Government have been well publicised, and individuals may be concerned, or confused, about the impact it will have on their financial position. It is our job as trustees to alleviate that burden and concern from our clients and to inform, as well as find solutions and opportunities arising from these changes,” said Donna.
Although Saffery Trust does not provide direct tax advice, the firm works in partnership with a global network of specialist intermediaries to provide a comprehensive service to its clients.
Donna continued: “As the central point of contact between our clients and our extensive network of top-tier professionals, we facilitate the seamless delivery of tailored solutions. We ensure that our clients receive expert guidance and support in navigating complex tax matters by leveraging the expertise of our trusted partners in multiple jurisdictions.”
Across its offices in the Cayman Islands, Guernsey and Switzerland, Saffery Trust has a broad spectrum of clients who may be impacted by the upcoming changes.
Saffery Trust Tax Manager, Tina Coutanche, said the firm’s experience in providing bespoke solutions would benefit all clients.
“Ordinarily, the focus for our clients in establishing wealth structures is to safeguard their assets across multiple generations, and efficient tax planning is one piece of a much wider puzzle in achieving this,” said Tina.
“We have a dedicated team who are responsible for ensuring that all our clients remain compliant with the latest requirements in all relevant jurisdictions. Our experienced and skilled team members monitor updates, analyse their impact and adapt our strategies accordingly to mitigate risk and optimise the financial position of all our clients.”
Donna added that Saffery Trust’s approach in deliberately maintaining a low client-to-staff ratio to ensure personalised care and attention make it well placed to offer support.
“As an award-winning firm, we take a proactive approach in providing tailored support. We are on this journey with our clients and are here to provide guidance in whatever form is needed to help them meet their objectives.”
Contact us to find out more about the upcoming tax policy changes and how appropriate wealth structuring can mitigate risks.
