A former private client lawyer and partner at international law firm Simmons & Simmons has set up her own financial planning business advising high net-worth individuals on succession and estate planning.
London-based Caroline Garnham will focus on long-term UK resident non-domiciles wanting an independent review of their offshore trust structures ahead of new tax regulations coming into force in April 2017.
Ms Garnham will also offer inheritance tax advice to non-resident non-doms and UK doms with prime UK properties – an area “riddle with taxes” – along with other succession-related issues.
She said: “This could be a very worrying time for many succession practitioners as well as many trustees. There were a lot of offshore trusts set up decades ago, when there was little thought given to a review by HM Revenue & Customs. The stock answer was, ‘How will it ever find out?’
“The harsh truth is that following April 2017, HMRC will find out, and anyone who has not taken care in the set-up or has not declared all remittance or benefits, will be in danger of a full investigation, fine or, even worse, probed for tax evasion.”
Background
Ms Garnham is also author of a white paper for advisers, Uncovering the Secrets of Winning Business from Private Clients, which has guidance on building trust and winning business.
