Daniel Simon is the senior partner at Collyer Bristow, and has been working in the tax and estate planning department since he qualified in 1993. He has particular expertise in UK and US cross-border planning, but Simon is certainly no one trick pony. ‘All the partners in our private client team keep a broad profile, we do a lot of domestic work — wills, estates, lasting powers of attorney — all the usual things that HNWs need to ensure that they and their families are well protected, and their wealth likewise’, he says. ‘Oh, and I also head up our charities group.’ The focus of the past few months, says Simon, has been the proposed changes to UK resident non-domiciled individuals. ‘That has been trying to say the least,’ he says, ‘firstly because the changes were not generally good for clients, but secondly because there was uncertainty regarding when the proposed changes were going to come in.’ Now they’ve announced that they will come in again — ‘at least, that was the case before I went on holiday two weeks ago. It could well have changed again’, he says with a sigh.‘I would like the government to finalise their changes to the trust, property and nondom tax rules and then leave clients and their advisers in peace for a long while. This constant tinkering does no favours to the country in trying to attract wealth and investment.’However, there are some potential advantages. For example, long-term residents of the UK who will become domiciled after the law change (because they’ve been here for 15 years) will have some unique opportunities to potentially rebase their assets. ‘We can do some very powerful tax planning for those individuals,’ says Simon. Colleagues describe him as, ‘an offshore and cross-border estates planning expert with real experience of assisting Swiss-based clients’. He is particularly accomplished in the restructuring of trusts and has experience of dealing with highly complex asset structures. He recently advised on a tax efficient estate plan, including wills, for a UK/US couple with dual national children and assets in 3 jurisdictions. The work required his UK, US and French expertise. Next week, he will be off running a charitable organisation called Forrest School. ‘I will literally be in a field without electricity’, he says. His tone suggests that this is his idea of bliss.
Tax & Trust Lawyers
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