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Members get together to talk tax

The tax forum on 23 March was the first seminar of the season, and proved a great success with 14 attendees covering all of the UK firms, and there was lively debate and participation from all concerned.

There was much discussion about the Liechtenstein Disclosure Facility – the get-out-of-jail card for wealthy tax evaders – and we also discussed issues such as management charges, transfer pricing, status enquiries, as well as getting a general update on non-doms.

We had a long and very detailed discussion on various tax mitigation schemes and the providers thereof. One or two firms recognised that there were a few players in this market who they were willing to refer their clients to, but a lot of scheme pushers appeared to be just interested in earning money and everyone was steering clear of them. Alleviating the new 50% tax rate was also talked about at great length.

We looked into the incorporation of professional firms and some proposed structures for gaining a tax advantage. As an example, we looked at Rowleys, which over the years has been structured as a partnership, a limited partnership and a limited company.

The date of the next tax meeting was set for 21 September and those present were positive about the idea of arranging an external speaker for this event. Please take time to have a look at the website and ensure the relevant people have the dates of forthcoming seminars in their diaries.

Paul Winder