An expert on US personal tax and compliance issues, Younger joined transatlantic specialist Frank Hirth’s accountancy and corporate tax team in 2000. Now a private client director, his emphasis is on trusts — although he is often engaged with broader UK and US tax issues facing HNWs and global families. Though many HNWs with US liabilities have opted to renounce citizenship rather than fight Uncle Sam, Younger sees an alternative. ‘We don’t want a tax system that forces people to give up their identity. We want people not to fear the US system, but to work with it — and there are an awful lot of things we can do.’ That’s why he advocates ‘pro-active collaboration’.
The last year has been a busy one for Younger as he has sought to grasp opportunities to develop new client relationships while maintaining the high level of service his current clients have become accustomed to. With an expertise in clients with taxable assets in both the UK an USA that means much of his time is spent focusing on making sure everything is above board, now and for the next generation: ‘Where FATCA, and now CRS, has brought delinquent tax filing to the forefront of many peoples minds we are now also concentrating on looking forward with our clients to plan for their ongoing compliance, as well as further down the line to consider estate and succession planning.’
He says current client concerns centre around the proposed non-dom changes in the UK ,which may affect those whose status quo of having a remittance basis will now be removed. ‘For our US/UK clients this has further highlighted the mis-matches between the tax codes of the two countries,’ he says, ‘with each other’s anti-avoidance legislation and focus on ‘offshore’ working against each other’.
There are further obstacles ahead he says, with the ‘spectre of double taxation remaining a distinct possibility’. And all this against the backdrop of institutionalised uncertainty: ‘We are dealing with uncertain times, especially with the impact of the Brexit vote, which makes planning difficult.’
Despite such challenges he’s forthright in his ability to help clients, crediting the set up he has around him at Frank Hirth. ‘I am extremely fortunate to have exposure to a large team of colleagues with a vast array of experience, technical ability and client service skills. The nature of our business means that we work with a large number of clients that have many facets to their world. Being able to work closely with a client, whilst co-ordinating our team to cover their wide ranging needs in an efficient fashion, is extremely rewarding and is something that I feel makes us rather unique in the marketplace.’
That ability to manage the many parts of a client’s life that are touched by tax is evident in the succession, trust and estate planning he offers; as well as tax advice for trans-Atlantic philanthropists and those getting married and even divorced.