‘The interaction between the US and the UK remains complex, although proactive planning should still be undertaken,’ says Iain Younger, director at Frank Hirth. ‘Quality and experienced advice are more important than ever.’ Younger, who joined the firm in 2000, is particularly recognised for advice on US-UK taxation for HNWs and their families. ‘If you look at the US over the last ten to 15 years, the tax rules haven’t really changed. The approach to implementation and introduction of FATCA was a major issue, but the actual tax rules have remained pretty static. That allows some good opportunities to plan with some certainty,’ he says.However, the UK non-dom changes have caused considerable confusion, and the complex landscape is only navigable if clients and advisers can work closely together: ‘The main issue with FATCA and the CRS is the implementation at the institution level,’ he tells Spear’s. What’s needed in these times is a framework where information can be shared effectively, he adds. But the task of organising one’s affairs is far easier in the US than it is in the UK ‘because of the ever changing rules’. Furthermore, although he welcomes the way in which the tax world is becoming more technology-minded, Younger is also anxious that that trend doesn’t go too far, pointing to ‘the need for basic communication with the client’.
020 7833 3500